Bunch of questions for guides and financial types

[M R Dux]

My body has finally told me my days of guiding waterfowl, and especially snow goose hunters are now behind me. I'm selling all my waterfowl gear including my SBEII. My equity in all my waterfowl gear will be my seed money for my next adventure.

After much soul-searching and encouragement from my wife and family, I am in the process of starting up a crappie and panfish guide service on KY and Barkley lakes. I think this will be a good fit with my taxidermy business and let me sleep in my own bed rather than spending 2-3 months annually on the road in conditions made for a much younger body.

I am looking SERIOUSLY at a new 20' bay boat rig with all the trimmings I currently have on my boat. Thanks to all the dealers associated with Crappie.com who have been great to spend time with me on the phone pricing pretty much every brand out there.

Now the questions: I plan on financing about 1/2 of the cost of a new rig. What are the tax advantages of this over upgrading the motor on my current 16 year old boat? What insurance requirements will be standard for this venture besides liability and boat?
What kind of rates and terms are now available for boats?

I'm sure there will be others.

Thanks.

[ifish]

Wow great move. Always wandered why you did not guide. When I got my guide license it was a long list for the state and Coast Guard requirements. The boat insurance for me is $ 538 a year. Always wanted a custom F/S 22' aluminum like Randy Nichols has. Call me about the Coast Guard license if you want. I did it through KFW. Have to have a 6 pack license for Ky. Lake.

[feelay]

a bay boat is a perfect guiding platform. I've been guiding from a Ranger 2300 for several years... LOVE it! Bigger is always better when you don't know who is showing up to fish with you. I'm over 300 lbs and have had guys show up and I was the small guy in the boat.

[ifish]

Great boat Carl!

[ET Fish]

I am not a guide, but fall under the "financial type" heading. After checking financing rates, look at a Home Equity Line of credit. Usually more favorable rates, plus the interest is tax deductible.

[deathb4disco]

I am looking SERIOUSLY at a new 20' bay boat rig with all the trimmings I currently have on my boat.... What are the tax advantages of this over upgrading the motor on my current 16 year old boat?

My first thought is to just upgrade your motor and see how the guiding business works out. I would think guiding on KY/Barkley is very competitive, and cash flow might be tough in your first couple of years.

I would do your best to estimate the costs involved for both options and your guiding revenue.

[M R Dux]

Wow great move. Always wandered why you did not guide. When I got my guide license it was a long list for the state and Coast Guard requirements. The boat insurance for me is $ 538 a year. Always wanted a custom F/S 22' aluminum like Randy Nichols has. Call me about the Coast Guard license if you want. I did it through KFW. Have to have a 6 pack license for Ky. Lake.

Buddy, the 6 pack is recognized but not required now. First Aid, CPR, boating course, and references plus KSP background check. Covering my bases now for 1st of year start-up.

[wilbur]

So what boat did you decide on.?

[M R Dux]

So what boat did you decide on.?

Still looking and talking.

[skeetbum]

I wish you well in your change. It is also one that I consider on a regular basis. I have a few ducks to line up before I can even think of getting it off the ground.