How to Write Off a Boat as a Business Expense?
You can write off a boat as a business expense, but the IRS and CRA have strict guidelines. The IRS permits deductions for boats as long as they are used for business purposes, and you need to provide detailed records to qualify for deductions.
The CRA follows the IRS and allows deductions for boats for business purposes only. You can also claim CCA (Capital Cost Allowance) to depreciate the boat over time.
The IRS and CRA can only allow deductions for business expenses. If you are going to throw a grand personal yacht party, then they can’t help.
