Peterson 1/4 Ton to save?

Nice write up. I was self employed for a couple years. I found a good CPA and I followed his advice. Saved every receipt and kept them well organize.

The scenario above is about donating a boat to charity and then taking a deduction based on the value of that donation. I think that you're talking about deducting some part of a boat that is used for business.

 

either way, you have to have taxable income to be able for any deduction to be of any benefit. And as posted above, if it was worth $3000, and you are in a 36 percent bracket, it might save you $1080 in extra taxes. that is if no one ever challenges the value of the donation.

 

The fact that taxable income must be earned before a deduction can be taken, was never in doubt. That is just some kind of confusion that was born from within the chain of comments.

 

The fact that taxable income must be earned before a deduction can be taken, was never in doubt. That is just some kind of confusion that was born from within the chain of comments.

 

Looks like boat recently passed through e-bay, if same. Answers the question, worth $621

http://www.ebay.com/itm/1974-Peters...item20e4a99f08&item=141275275016&pt=Sailboats

 

Wow, absolute diamond in the rough. A buyer would be insane not to jump at this deal. Here in South Florida, a pressure washer is 25 bucks for 1/2 day.

PS. Spend whatever it takes (small potatoes) to get the beast surveyed by a pro.

 

Worth $621.

A schmidge less than my prediction, but just about exactly what I calculated.

I see a strong boat that had a dedicated PO.

 

1974 peterson 25' 1/4 ton

It Now Lives In Lake Oroville Ca,