Buying into Moorings or Sunsail charter yacht ownership - SailNet Community

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Old 05-12-2013
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Buying into Moorings or Sunsail charter yacht ownership

I would love to hear from Moorings or Sunsail owners that have guaranteed income contracts. Are there special assessments? If your boat is out of commission do you still get the income during repairs? Have you tried to sell your owners time? Was it easy? Even the last minute points? Did you sell it after the charter use was up? Was it easy to sell? Did you get a good price? What do you wish you knew from the start? Would you do it again?

Any information would be very welcome. My number is two 62 three six 6 eight six 88.

I am supposed to close this week!
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Old 05-12-2013
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Re: Buying into Moorings or Sunsail charter yacht ownership

I've never done it, but clearly many have. I'm as interested in hearing direct experience as you. I just can't imagine how it makes sense to own for such limited use, but obviously many do it.

The one big catch I've seen in the pitch (and I have been pitched) is the depreciation you are suggested to deduct, as you technically own a business. This just reduces the tax basis in your boat and is not free money. You should eventually depreciate it for tax purposes below what you will sell it for and the pitch seems to leave out the tax recapture you will pay then. If that does not turn out to be the case, then you actually lost all that money. Unless, of course, you flip it into another new boat, which does avoid the recapture. They are very good at explaining this option that point and offering you a solution out of their inventory.

I'm not slamming the idea. It must work for many. I applaud you for researching what you are getting into.

In the end, I like chartering these boats, so I should talk everyone else into doing this!! Good luck.
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