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News Alert

Charter Boat Owners Win IRS Challenge

People interested in becoming charter boat owners often come to us with a concern regarding meeting the requirements to quality for tax advantages for running their boat as a charter business. The number one objection from their CPAs is that the business yacht management program is a passive activity and will not be deemed active participation which is the key requirement for qualifying for small business and Section 179 tax deductions. Professional accountants often contend that a boat owner may find it difficult to prove active participation in a boat business. However, in 2015, a couple who owned a boat charter business under a yacht management program won their case in Tax Court. They proved active participation validating the yacht charter ownership model that Catamaran Guru™ uses when advising boat buyers. Contact Us to get an overview of the case and find out what it is that helped win the case for this couple.

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