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TJ110
April 25, 2020
Question

Gasoline Deduction on Boat Rentals

  • April 25, 2020
  • 1 reply
  • 0 views

My small business rents boats and jet skis. Can I deduct the gasoline used on my taxes?

This seems relatively simple but I can’t find a good answer. Thanks!

 

 

1 reply

LudwigVan_fan
LudwigVan_fan
April 26, 2020

Yes, you may deduct the cost of the fuel used to power the rented boats and jet skis.  That is certainly part of the cost of doing business.

 

Here is a link to Publication 535, Business Expenses.  You may find it useful in your business

 

https://www.irs.gov/pub/irs-pdf/p535.pdf

 

https://www.irs.gov/site-index-search?search=Business+expenses&field_pup_historical_1=1&field_pup_historical=1

 

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
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