Another benefit of boating is that it helps you to unplug. People who are constantly on the go can become overwhelmed with stress. Excessive stress can lead to poor judgment, anxiety, and depression. Boating is the perfect escape to unplug and get back to nature. The peaceful presence of the water and blue skies will help you to clear your mind and refocus.
Whether you rent or own your boat, the tax benefits associated with boating can be substantial. For one, boat owners who use their boats for business purposes are entitled to deductions for mortgage interest and boat financing.
They can also claim tax benefits for property taxes associated with their vessel. These benefits are generally itemized on Schedule A of your personal tax returns. The tax benefits are the same as those for homeowners.
The same is true for yachts used as charters. These are some of the many tax benefits you can claim if you own a boat for commercial purposes. As long as you meet certain criteria, boat owners can take advantage of these tax benefits.
Additionally, boat owners who operate their boat for business purposes can claim a business transportation deduction. However, they must use their boat at least 50 percent of the time to qualify. In addition to depreciation, boat owners can also deduct insurance, repairs, dock fees, and crew salaries. In other words, it’s like a workout without the gym.