Client buys boat for $30k, sells it for $80k.
He received a 1099 and he is livid becauee he dropped at least $150k into this thing over the years.
But much of that, I suspect, is slip costs, repair, and mx.
I haven't queried him or explained capital improvements yet.
But that's the approach, correct? He can only use the big ticket items (capital improvements of course) to offset any gain? It's similar to, say, a 2nd home? Any ideas?