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Buyin A Boat Or Other Luxury Item As A Business Asset

Buying a Boat (or Other Luxury Item) as a Business Asset

With the summer months upon us, you may be dreaming about a boat or a mountain condo. Your company has performed really well the past year, you are flush with cash assets, and ready to lay out some of those hard-earned profits on a vacation property, yacht, or private airplane. Would the new boat be considered a business asset?

buyin a boat or other luxury item as a business asset

If you are thinking these luxury items will be a great write-off for next year, consider again. These items can’t be considered business assets, unless, you tie these items directly to your business. Otherwise, the IRS will categorize them as entertainment items.

Anyone can know their numbers and feel great about these large purchases and the impact it has on your business finances. We have set up the perfect program that includes all the systems and is fully supported by a CPA. Want to learn more about that? If so, snag a call with a member of our team below then read up on these hot topics!

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