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How much of the 350 I paid for the slip at the Virginia Gold Cup can i write off on taxes?
Wiki User
∙ 8y ago
None. I can't think of any way you can deduct an amount paid to rent a slip. The only case you might be able to deduct this is if you are in the "business" of competing in yacht racing and this slip was used to park the yacht that you used for this particular race. Be very careful though, as if you do not report a profit it will most likely be deemed a hobby and the loss will be denied later.
Wiki User
∙ 8y ago
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