Decline in value of leisure facilities and boats



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End of attention

Your deduction for the decline in value of a depreciating asset may be reduced if the asset is a leisure facility or a boat even though it is used, or installed ready for use, for a taxable purpose. The deduction is reduced to the extent the asset is not integral to your income-producing activities or to the extent its use does not constitute a fringe benefit.

Last modified: 01 Jun 2005QC 27399