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post #4 of Old 02-15-2013
Puget Sound Pounder
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Join Date: Nov 2008
Location: Bainbridge Island, Port Madison, WA
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Re: Ideas and/or guidance

Originally Posted by Cruisingdad View Post
First, I would probably not do the charter business. My opinion, but I see those boats pushed hard.
Could not agree more. My wife and I chartered boats world wide for a good 15 years. While we were careful with the charter boats we saw so much abuse by others towards the boats that I would never EVER put a boat in charter. The tax laws have changed so much to the disadvantage of the charter boat owner, not worth it. My CPA said I would certainly be a huge target for the IRS if I tried any "business" write-offs on the charter boat. Just not worth it in many regards.

Originally Posted by Cruisingdad View Post
Location? Boy, the Carribean would sure be tempting. However, your costs are going to go up a lot on everything, from outfitting, slippage, insurance (which you will have to have), etc. Our insurance for 225k policy is 2800/year which includes all the gulf, bahamas, and all of the east coast. Our last quote to head to the carribean was 4800 I think.
Caribbean, $4800, ouch, I had no idea it was so expensive for insurance while operating down there, crazy! Dang!
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