For tax year 2021, Lee owned two yachts that he intended for chartering and that sustained...

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For tax year 2021, Lee owned two yachts that he intended for chartering and that sustained substantial losses. He was not active in its operations. Lee also owned an S-corporation (pass-through) where he was very active in its operations. The company had a profit for that tax year. • May Lee net his losses from chartering against his profits from his company on his 2021 personal federal income tax return. For tax year 2021, Lee owned two yachts that he intended for chartering and that sustained substantial losses. He was not active in its operations. Lee also owned an S-corporation (pass-through) where he was very active in its operations. The company had a profit for that tax year. • May Lee net his losses from chartering against his profits from his company on his 2021 personal federal income tax return.