{"id":254307,"date":"2026-05-01T18:35:09","date_gmt":"2026-05-01T18:35:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/254307\/"},"modified":"2026-05-01T18:35:09","modified_gmt":"2026-05-01T18:35:09","slug":"florida-yacht-charter-business-fights-1-5-million-tax-bill","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/254307\/","title":{"rendered":"Florida Yacht Charter Business Fights $1.5 Million Tax Bill"},"content":{"rendered":"<p>A Florida yachting venture that participated in high-stakes offshore fishing tournaments before unforeseen setbacks forced a pivot to luxury charters told the US Tax Court the IRS wrongly defined its business as a hobby and assessed more than $1.5 million in tax liabilities.<\/p>\n<p>After the IRS determined Bad Daddy, LLC\u2019s charter and fishing competition activities weren\u2019t engaged in for profit under <a href=\"https:\/\/irc.bloombergtax.com\/public\/uscode\/doc\/irc\/section_183\" rel=\"nofollow noopener\" target=\"_blank\">IRC Section 183<\/a>, it disallowed deductions made for depreciation, salaries, repairs, marina fees, and other operating expenses, according to the petition.<\/p>\n<p>Bad Daddy, through its partnership representative Robert Berg, asked the Tax Court in an April 29 <a href=\"https:\/\/aboutblaw.com\/blB1\" rel=\"nofollow noopener\" target=\"_blank\">petition &#8230;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"A Florida yachting venture that participated in high-stakes offshore fishing tournaments before unforeseen setbacks forced a pivot to&hellip;\n","protected":false},"author":2,"featured_media":254308,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[110768,110767,28,30,29,110766,110765],"class_list":["post-254307","post","type-post","status-publish","format-standard","has-post-thumbnail","category-florida","tag-business-expense-deductions","tag-federal-tax","tag-florida","tag-florida-headlines","tag-florida-news","tag-hobby-losses","tag-limitations-on-deductions"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/254307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=254307"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/254307\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/254308"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=254307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=254307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=254307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}