Can You Own a Cruising Boat as a Business?
Owning a cruising boat can be pricey to start with and then expensive to operate on an on-going basis. This is particularly true for boat owners who cannot afford the time to to get the full benefit of the cruising life. It has no doubt occurred to many of us that running our boats like charter businesses, with income to offset expenses and other benefits of business ownership, would make the whole process more attractive. But, there are wrinkles to running a charter business on your own, not just with the IRS but with handling bookings, deposits, scheduling and more.…