Blog Posts — community
Up to 100% Tax Deduction For Boats Used in “Shared Access”
Posted by Joe Schmitt on
Thanks to the Tax Cuts and Jobs Act (TCJA) passed in December 2017, boats that are used 50% or more of the time for business can be deducted in 2020 up to 100% from your income. This tax law meshes perfectly with BoatTEST’s program of shared access, designed to make boating more affordable for both owners and users. Owners of new-or-late model boats placed in the program before December 31, 2020 can deduct up to 100% of the cost of a boat, depending on the percentage of business usage. BoatTEST’s program is turnkey for new boat owners: we market,...