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Why can you insure an entire boat when you're only using a portion of it for insurance. Are you 100% positive you can insure the entirety of asset of the boat even though only a % is on the books?
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Jan 14, 2016 16:55
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Veskit posted:Why can you insure an entire boat when you're only using a portion of it for insurance. Are you 100% positive you can insure the entirety of asset of the boat even though only a % is on the books? He said he was going to tell the insurance it was an entertainment boat solely used for his business and Im pretty entertained so checks out to me.
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Jan 14, 2016 16:58
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BaseballPCHiker posted:Way to not read anything I wrote. First off I do have my withholding fixed, my employer messed it up when I started, not me. I just didnt catch it when our accounting department messed it up a second time. It is for sure fixed now. Again I wouldnt be using the boat for the home office deduction!!!! How many times do I have to state this? Instead I would use the boat for a business purpose like entertainment or storage or something to insure it as a business asset. This would satisfy the marinas insurance requirement. Nope, I can read just fine. You filled out the form correctly and didn't check that your withholding was correct after accounting had already screwed up once, even though 10 seconds with a calculator would have told you it was still wrong. My comment stands. Business insurance is NOT going to insure your home. It is going to insure only business equipment and MAYBE give you money for a temporary office should something happen to it. You'd be paying to replace any other belongings and finding a new place to live out of pocket. Considering you could barely afford it using sketchy numbers and a decent down payment above, you can't afford that.
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Jan 14, 2016 17:00
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BaseballPCHiker posted:Way to not read anything I wrote. First off I do have my withholding fixed, my employer messed it up when I started, not me. I just didnt catch it when our accounting department messed it up a second time. It is for sure fixed now. Again I wouldnt be using the boat for the home office deduction!!!! How many times do I have to state this? Instead I would use the boat for a business purpose like entertainment or storage or something to insure it as a business asset. This would satisfy the marinas insurance requirement.
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Jan 14, 2016 17:00
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I was under the impression heating was less "creature comfort" and more "necessity for continued survival" in the winter.
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Jan 14, 2016 17:00
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NancyPants posted:Nope, I can read just fine. You filled out the form correctly and didn't check that your withholding was correct after accounting had already screwed up once, even though 10 seconds with a calculator would have told you it was still wrong. My comment stands. I filled out the form correctly and accounting messes it up. I discover the mistake and they said they fixed it. When my paycheck went down several hundred dollars I had assumed it was fixed, I was wrong to not check again but I fail to see how that is me messing up my W2. Its their fault not mine, not that it matters but the CPA I talked to said I had enough deductions that I shouldn't owe much if anything so its no big loss. I got the money just in my paychecks and not in one lump sum come tax return time. The insurance will cover the boat which would satisfy the marinas requirement. You are right in that it would not cover my individual possessions. Thats what renters insurance is for. I've given up on Wells Fargo to give me a loan and am going to start looking at companies that deal exclusively in boat sales, I think I'll have better luck with them.
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Jan 14, 2016 17:10
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SBA loan sounds like a good idea here. Also, you're not suppose to get a lump sum tax refund. You finally filed a W4 like a grownup, and took your money throughout the year. And now complain!
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Jan 14, 2016 17:13
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Have you tried going to a loan shark?
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Jan 14, 2016 17:17
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r0ck0 posted:Have you tried going to a loan shark? Boats and sharks have historically never gotten along so I think this would be a great white waste of time for the OP
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Jan 14, 2016 17:21
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BaseballPCHiker posted:I filled out the form correctly and accounting messes it up. I discover the mistake and they said they fixed it. When my paycheck went down several hundred dollars I had assumed it was fixed, I was wrong to not check again but I fail to see how that is me messing up my W2. Its their fault not mine, not that it matters but the CPA I talked to said I had enough deductions that I shouldn't owe much if anything so its no big loss. I got the money just in my paychecks and not in one lump sum come tax return time. But it's not going to be renters insurance because you'll own the boat, it would be homeowner's insurance. So how do you get liability coverage for the boat as a vehicle?
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Jan 14, 2016 17:24
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NancyPants posted:But it's not going to be renters insurance because you'll own the boat, it would be homeowner's insurance. So how do you get liability coverage for the boat as a vehicle? I wont own the boat my corporation would own the boat.
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Jan 14, 2016 17:28
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BaseballPCHiker posted:I wont own the boat my corporation would own the boat. I really want to know what your boat company is going to be called and what the fake business will fake do. Please report back if you come to a decision about these.
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Jan 14, 2016 17:30
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SarutosZero posted:I really want to know what your boat company is going to be called and what the fake business will fake do. Please report back if you come to a decision about these. I already have a side business that's an LLC. That business would own the boat and I'd get to rent it as an employee of said corporation.
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Jan 14, 2016 17:31
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NancyPants posted:Considering you could barely afford it using sketchy numbers and a decent down payment above, you can't afford that. Also I think I am still wildly overestimating my costs. This is the result I get from the discoverboating calculator. I probably wouldnt even get a boat that expensive:  Thats half what my rent is! Even counting marina fees and maintenance I'm still a couple hundred a month ahead.
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Jan 14, 2016 17:40
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Everyone is telling you to go for it and that it's a great idea. Why haven't you bought it yet? Personally I can't believe that more people haven't thought of this sooner.
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Jan 14, 2016 17:51
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BaseballPCHiker posted:I already have a side business that's an LLC. That business would own the boat and I'd get to rent it as an employee of said corporation. Do you really think you're the first person to pull something like this? If they get a whiff of your true situation, they're going to drop coverage like a hot potato. (Or force you onto the correct type of coverage if they offer it & are feeling merciful)
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Jan 14, 2016 17:56
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The Seahawks-Vikings game that had a high of zero degrees looked miserable for the players on the field, I can't imagine trying to survive in a houseboat in those conditions. Having a problem with your heating in the middle of the night would be life threatening.
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Jan 14, 2016 17:56
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BaseballPCHiker posted:Also I think I am still wildly overestimating my costs. This is the result I get from the discoverboating calculator. I probably wouldnt even get a boat that expensive:  Sure buddy! Half your rent on a non-resellable depreciating thing with inadequate insurance! It won't need expensive maintenance, you just paid all that money for it! It's ok though, it's easy and simple to do maintenance on houseboats, and yeah true even though you have no clue how to do it yourself surely you won't overpay for simple poo poo, not be able to afford expensive stuff and then not do it, leading to an already rapidly-depreciating piece of property dropping value like... like... a sinking boat Ok. Ok. Ok. 100% serious, why not just buy a nicer conversion van, find someone to let you park it on their land, and live in that? It'd cost a fraction of your current plan, wouldn't need crazy plastic wrap, and you could drive it or have it towed to a mechanic for free or for like 100$ even if it was out of commission. Insurance is totally gettable and hell you might even find a lender willing to touch it, since they know at the very least they can always repo the thing. Sure it won't have a shower, that's what your gym membership is for. Why not just keep your eyes open for cheaper rent? Get a roommate? Move in with your girlfriend? Rent a smaller place? Sleep in your vehicle and shower at the gym? Find a vacant building and squat in it? Get a better job and earn more money, thus reducing the portion of your income spent on rent? Buy a lovely old RV and find a "long-term" campground? I've seen singlewide trailers all over the country in livable shape for less than 5k. Why not get one of those and live in a trailer park? You could ask around your circle of friends and see if anyone needs a roommate. Have you looked at the roommate needed section of your local CL? Can you move back in with your folks? I'm just trying to propose basically anything less ruinous than your current cockamamie plan. E: Does your city have any city-owned properties it's selling off? Some cities have their own "Urban Homesteading" programs where you can buy a home for a dollar. Have you looked in to that? Maybe you could join a cult and live in their compound? Join/start a commune (start easy with a group house)? poo poo, just stop paying your current rent and fight eviction as long as possible. I've heard it can take months and you'd get all that rent for free! Then find a sucker to rent from and do it again! Sure it's stealing, but hey at worst you'd only be liable for what you would have paid anyways! (plus possibly court fees, plus anything the judge thinks you should pay if you piss them off) You could try adverse possession! Find an empty building and tell everyone you own it! Uncle Enzo fucked around with this message at 18:18 on Jan 14, 2016 |
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Jan 14, 2016 18:03
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Droo posted:Everyone is telling you to go for it and that it's a great idea. Why haven't you bought it yet? The one trick to cutting your rent that landlords don't want you to know about!
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Jan 14, 2016 18:16
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Uncle Enzo posted:Why not just keep your eyes open for cheaper rent? I want to point out to those of you that don't live in the area that he absolutely could find a dog friendly one bedroom in the same area for a couple hundred cheaper. To me that is the most bizarre thing about all this.
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Jan 14, 2016 18:38
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CellarDweller posted:I want to point out to those of you that don't live in the area that he absolutely could find a dog friendly one bedroom in the same area for a couple hundred cheaper. To me that is the most bizarre thing about all this.
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Jan 14, 2016 19:50
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I feel so, so, so bad for this dog, which is going to die in the cold.
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Jan 14, 2016 21:55
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Uncle Enzo posted:
You're missing the point. THIS IS A BOAT FOR BUSINESS PURPOSES! It worked for Captain Stabbin' so why not a goon?
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Jan 14, 2016 21:59
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Pick posted:I feel so, so, so bad for this dog, which is going to die in the cold.
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Jan 14, 2016 22:03
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Pick posted:I feel so, so, so bad for this dog, which is going to die in the cold. Good thing businesses can recognize losses
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Jan 14, 2016 22:08
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vaguely posted:it might not! it might die in a flaming boat wreck instead I'd offer to adopt it, if I still lived in my pet-friendly entire upper floor of a house in a good neighborhood with parking, a big yard, and all utilities included in St. Paul for $700/mo. I know it's no dilapidated floating shed despised by my girlfriend, but....
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Jan 14, 2016 22:13
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OP you've posted some ridiculous poo poo in this thread so far and you keep doing so but out of some sort of misguided conscience I feel the need to be serious for a moment. Do you know what the difference between a pleasure craft and a commercial vessel is? Do you know why that matters to your plan in a big way?
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Jan 15, 2016 00:11
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BaseballPCHiker posted:Boats want to float naturally its what they do. This deserves its own post because drat. No, no it is not. Boats want to sink. Physics is a thing.
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Jan 15, 2016 00:13
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FrozenVent posted:This deserves its own post because drat. Boats don't want to do a goddamn thing because they are inanimate objects and if they were animate they would be stupid and sink anyway.
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Jan 15, 2016 00:52
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The boat wants what it wants.
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Jan 15, 2016 01:01
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BaseballPCHiker posted:The insurance will cover the boat which would satisfy the marinas requirement. You are right in that it would not cover my individual possessions. Thats what renters insurance is for. I've given up on Wells Fargo to give me a loan and am going to start looking at companies that deal exclusively in boat sales, I think I'll have better luck with them.
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Jan 15, 2016 02:05
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Giraffe posted:why not save yourself the cost of premiums and just Photoshop up a Comprehensive Boat Insurance Policy to show them? It's no less fraudulent and quite a bit cheaper.
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Jan 16, 2016 03:17
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Giraffe posted:Believe it or not, you're not the first person to think of lying to an insurance company about how you're actually using the thing you're insuring. They're not going to pay your claim in the event something happens. So you're basically just paying premiums to pretend you have insurance (which you don't, in the actual meaning of the word) in order to satisfy the marina requirement. Since you're already lying, why not save yourself the cost of premiums and just Photoshop up a Comprehensive Boat Insurance Policy to show them? It's no less fraudulent and quite a bit cheaper. This is only a misdemeanor. If you want to go big, get some kind of policy on the boat, then torch it and attempt to collect on the that policy. Then you've got arson, which is almost always a felony, AND for real insurance fraud instead of this trifling fake insurance card poo poo.
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Jan 16, 2016 18:04
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Giraffe posted:Believe it or not, you're not the first person to think of lying to an insurance company about how you're actually using the thing you're insuring. They're not going to pay your claim in the event something happens. So you're basically just paying premiums to pretend you have insurance (which you don't, in the actual meaning of the word) in order to satisfy the marina requirement. Since you're already lying, why not save yourself the cost of premiums and just Photoshop up a Comprehensive Boat Insurance Policy to show them? It's no less fraudulent and quite a bit cheaper. Let no one say BFC posters aren't pragmatic.
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Jan 17, 2016 18:59
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Oh good, I was hoping this thread hadn't died. OP, you're really loving stupid and there is a 0% chance you will save any money doing this.
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Jan 17, 2016 20:09
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You should buy a sprinter van to live in and park it at the marina. This will actually save you money although you'll still be very cold.
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Jan 18, 2016 03:22
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Be this dude. This dude is cool. http://espn.go.com/espn/feature/story/_/id/12420393/top-blue-jays-prospect-daniel-norris-lives-own-code Don't be this dude. https://www.youtube.com/watch?v=dirHWM7VP6g
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Jan 18, 2016 13:34
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 +  =  First step, get you a tenement on wheels, Griswald Christmas Vacation style. DIY FloaterHome.
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Jan 18, 2016 15:56
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antiga posted:You should buy a sprinter van to live in and park it at the marina. This will actually save you money although you'll still be very cold. That's why you wrap it.
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Jan 20, 2016 16:17
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Quick update on living the boat life. First off my preliminary tax bill has come in and it isn't that bad. So far I only owe about $350. I'm still waiting on tax forms for some company stock I got and I still have some deductions to add for my side business but overall I think it'll be under $400, which isn't great but isn't as bad as I thought it'd be. Second update, I've been on a month to month lease for a while now. Finally my buildings management company gave me a form that basically said resign a year lease or pay $150 extra a month to stay month to month. That seemed completely unreasonable to me. I need a few months still to get a boat and need all the money I can get. So I took their form, scanned it, and changed it to only be $10 a month more, then signed it and handed it back. I got a VERY angry sounding voicemail from the building manager and have a meeting with them later this afternoon. I could be out a place all of the sudden and really need to find something quick. Hopefully I can get any type of house boat on an interim basis until I can secure a permanent one.
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Jan 25, 2016 21:08
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