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Old 03-03-2010
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Forms of ownership

Well guys, I have been afflicted with the "two-footitis" that I have heard others talk about and I am in the market for a bigger boat. I am looking at boats in the 32-36 foot range and 30-40 thousand dollars. This is a lot more money than I spent on my current boat which brings me to my question.

I am self-employed and have an S-corp. Does it make any sense or amount to any tax savings to have the corporation buy the boat or form a separate LLC to own the boat or would this just be a flag for an IRS audit? I see a lot of boats with Wilmington, Delaware as the hailing port, would a Delaware Corporation amount to any tax savings?

Anyone have any other ideas for write offs? I am planning to pay cash, so the second home interest write off is not an option.

Thanks!
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Old 03-03-2010
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No, not really. Unless you plan on chartering the boat, having the ownership under a corporation doesn't really make much sense. The taxes on the vessel are usually imposed by whereever the vessel is, not where the owner is... so you'll be paying the same excise/property/use taxes regardless of the ownership.
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