Join Date: Feb 2010
Location: Narragansett Bay
Thanked 308 Times in 288 Posts
Rep Power: 8
Re: Buying a yacht
I've never done it, but last I saw the pitch, it included tax savings from taking depreciation deductions on the boat. That is a real rat hole. After several years, your tax basis in your boat approaches zero. If you change your mind and want to sell her, you then have a huge gain on sale, which you will owe that tax on. Gotcha......
Of course, the charter sales folks have you covered. They will offer you a trade into another often larger boat, which doesn't trigger the gain. And away you go.
As they say, you can check in, but you can never leave.
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
In the harsh marine environment, something is always in need of repair. Margaritas fix everything.