Buying boat as STR perk!!!

[Lance Lewton]

Doing 1031 exchange.

Will move all $150k left over after debt payment into new property.

Wanting to do STR so I could have spot to vacation in Galveston.

Tax guy said I could buy stuff as perks u def my LLC as long as it's 100% business use so want to buy one for "the business ".

However, after looking at many homes, talking to local STR management in Galveston and reading about the drop in STR bookings on this site, how do I get my STR and boat?

She said I would need to be beachfront and suggested condos for my price range.

Condos scare me due to maintenance fees. But just started looking lately so l dig deeper.

I want my boat and STR if possible, but not so looking good now.

Which city with boatable water in Texas should I be looking for Air BnB?

OKTTYL

[Michael Baum]

Hey @Lance Lewton, a boat is huge liability. All it will take is one drunk group to wipe you out.

Now, maybe you are looking to buy the boat and skirt the law. Personal use based on a business purchase to deduct without actually having a business use is fraud.