Boat used

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  • JON
    Senior Member
    • Jul 2005
    • 1265
    #1

    Boat used

    exclusively for business, cruise service, when sold the depreciation is recaptured as ordinary income???? All cruises were short term. Boat was never used for any other purpose(second home-not). $250,000 boat, 1245 recapture all taxable at sale even if sold on an installment basis???? Am I missing something or are there alternatives I should be sonsidering...
    Tags: None
    • solomon
      Senior Member
      • Aug 2006
      • 1012
      #2
      Originally posted by JON
      $250,000 boat, 1245 recapture all taxable at sale even if sold on an installment basis????
      You are correct.

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