By purchasing and operating your own MiniSub as a business, you may be able to take advantage of several tax savings, in addition to the enjoyment you get from just taking your sub out for a dive. A MiniSub SSRV qualifies as a depreciable business asset. In fact it can qualify for a section 179 MACRS deduction of over $17,500 in the first year of operation.
NOTE- The section 179 MACRS has been greatly increased recently by the Federal Government to promote investment in new equipment. Currently you can write off the entire cost of a MiniSub SSRV in your first year of operation! Please contact your CPA for current information.
If you choose to take your Sub on the road with you, providing tours, demo rides, or training, you may be able to deduct many of the costs of the trip as a legitimate business expense. Imagine taking a well deserved vacation at a dive resort, and writing off the costs as a business expense!
Contact your accountant or tax preparer for more information on this important tax break.