You can deduct up to 50% of the costs of business meal expenses, but only if This includes facilities you own or rent for entertainment such as vacation homes, yachts and boats.Īlthough you may not be able to deduct operating expenses or deduct deprecation, you may still be able to deduct part of the costs of some meals you serve to business guests aboard your yacht. However, entertainment costs are no longer deductible under the Tax Cuts and Jobs Act (TCJA) which was signed into law by President Donald Trump on Dec. Your first inclination may be to try to deduct your new boat as an entertainment expense. Can I Deduct a Boat or Yacht as an Entertainment Expense? Keep reading to learn about the boat or yacht tax strategy that may work for you. If you own your own business, you may find yourself wondering, “Can my business write off a boat?” There is more than one way to take this kind of luxury deduction, but you must understand the restrictions and requirements of current tax laws for boat tax deductions in 2020. A boat or a yacht provides an opportunity to get out for the day but only interact with your own party. The Covid-19 pandemic has stretched on for months, and many are ready to get out into the world and experience life again, but they want to do it safely.
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January 2023
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