11th Circ. Upholds Nix Of Yachting Hobby Tax Deductions

By Anna Scott Farrell · May 30, 2023, 2:36 PM EDT

Millionaire hobbyists who took above-the-line deductions for chartering their yacht may not subtract the boating expenses from their gross income, the Eleventh Circuit ruled Tuesday, upholding a U.S. Tax Court decision...

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