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tax advantages of guiding "professionally"??
My wife and I are building a house leter this fall, so the 19-foot Key West will be sold shortly. Since I started fishing in the Race and Fishers Island Sound, I feel like the boat is too small anyway.
My wife and I know that we will miss the boat terribly, so I'm trying to think of ways to fit a 21-footer or so into my budget. I was thinking that if I get my 6-pack license from the Coast Guard, I could declare myself a professional guide. Then, if I charged my friends a few bucks each time we go out, there might be all kinds of tax write-offs that would help offset some of the costs of boat ownership. I figure I could depreciate the boat, plus write off all the expenses (gas, marina, insurance, tackle, use of truck). If I could use those write-offs to cut down my costs (even just a little), that might make the difference between being abkle to afford it or not.
Has anyone else looked into this?
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