Current Events > Did you know? There is a Yacht tax deduction. If you own a Yacht you can DEDUCT

(+) Yeah! (+)

https://corvee.com/blog/yachts-and-taxes-everything-you-need-to-know/

What is a Yacht Tax Write-Off?
While there are taxes every yacht owner has to pay, the flipside is that there are some tax deductions that can save yacht owners money on their taxes. The deductions depend on how the yacht is being used.

https://bradfordtaxinstitute.com/Content/Tax-Rules-That-Allow-Tax-Deductions-for-Your-Yacht.aspx

Tax Rules That Allow Tax Deductions for Your Yacht

Qualifying for tax deductions on a yacht or other luxury boat requires tax knowledge.

First, you need to use the yacht more than 50 percent for business transportation.

Once you meet the more than 50 percent test, your potential tax deductions include fuel costs, insurance, repairs, dock or slip fees, caretakers salaries, hurricane storage, and depreciation (including Section 179)all of which are limited by tax rules on luxury water transportation.

Second, the yacht is an entertainment facility. Tax law treats entertainment facilities harshly, so you need to seriously consider providing no business entertainment on this yacht. This should be easy to do because business entertainment is no longer deductible, thanks to the Tax Cuts and Jobs Act (TCJA).

https://navigare-yachting.com/en/yacht-ownership/yacht-investment/tax-strategies-for-yacht-buyers

Expensing through Section 179
One of the most well-known incentives available when actively participating in a business is a section of the IRS code called Section 179. It was designed to help small businesses as they set out to buy or lease new or used equipment. It allows a taxpayer to deduct the cost of certain types of property (such as a yacht) on their income taxes as an expense, rather than requiring the cost of said property to be capitalized and depreciated. As of January 1, 2018, under section 179(b)(1), the maximum deduction is capped at $1,000,000 per year. This means that a taxpayer may elect to deduct up to $1,000,000 of the value of the yacht per year. If you adhere to the IRS guidelines and get the competent advice of a knowledgeable CPA, your charter yacht operations may qualify as an active business eligible to take advantage of this and other sections of the IRS code.

Yeah my accountant takes care of that

ENrAGED!

Omw to Australia in my yacht
Wait what

ArkhamOrigins posted...

Yeah my accountant takes care of that

it is good to be FILTHY RICH

WingsOfGood posted...

it is good to be FILTHY RICH

Yes it is

For those of you who are "rich" why are you even on GF?

The two happiest days for any Yacht owner:

1) The day they take their Yacht out the first time.
2) The day they sell that goddamned Yacht.

Nirvanas_Nox posted...

For those of you who are "rich" why are you even on GF?

Why not? Are you gatekeeping CE?

The PTA in my town has a tax exemption at a wine and liquor store.
~Let that set in.

WingsOfGood posted...

First, you need to use the yacht more than 50 percent for business transportation.

Once you meet the more than 50 percent test, your potential tax deductions include fuel costs, insurance, repairs, dock or slip fees, caretakers salaries, hurricane storage, and depreciation

Now, if more than 50% of my car's usage is getting me to and from work, surely the same sort of deductions are available to me, right? ... right?

There are tax deductions on pretty much every cost that is business related

"The rich are treated so unfairly by the IRS/similar tax organizations!" - conservatives.

What a crock of shit.

IRS should investigate yachts also

https://gamefaqs.gamespot.com/a/forum/0/0e9a15be.jpg
https://gamefaqs.gamespot.com/a/forum/1/193bf067.jpg

Mizznox posted...

Now, if more than 50% of my car's usage is getting me to and from work, surely the same sort of deductions are available to me, right? ... right?

Only if you're driving for Uber or something. Commuting is not business use. These tax breaks are intended for charter operators not billionaires' personal use.

Not to say people don't cheat, of course, but that's the intended target.

ArkhamOrigins posted...

Why not? Are you gatekeeping CE?

No I'm just genuinely curious. Cuz surely there's better things a rich person could do other then post on a dying forum lol

Why exactly do the rich need so many tax breaks?

ClayGuida posted...

Why exactly do the rich need so many tax breaks?

If you adhere to the IRS guidelines and get the competent advice of a knowledgeable CPA, your charter yacht operations may qualify as an active business eligible to take advantage of this and other sections of the IRS code.

Running a boat to rent out to other people is generally a small business rather than a billionaire, at least in the under-100-feet category.

how come there are a boatload of potential reductions for the rich, but none for us normal people?

Nirvanas_Nox posted...

For those of you who are "rich" why are you even on GF?

rich ppl need to shitpost too

BucketCat posted...

how come there are a boatload of potential reductions for the rich, but none for us normal people?

There are if you own your own business and want to itemize your taxes, everything from farm work trucks to home offices you can put some wacky stuff on there if you can successfully argue it.

There was someone running a physical therapy rehab place out of their home (licensed physical therapist) who successfully got a jet ski and an Xbox deducted after getting taken to tax court.

We had like one fun day in advanced tax >_>

Mizznox posted...

Now, if more than 50% of my car's usage is getting me to and from work, surely the same sort of deductions are available to me, right? ... right?

Sounds like something a Broke Boy would ask

Hmmm these Myna cookies soon good

Wealth cant trickle down if you limit how wealthy people can be

TimeForAction posted...

Wealth cant trickle down if you limit how wealthy people can be

Unzips

ClayGuida posted...

Why exactly do the rich need so many tax breaks?

To stay rich and becoming richer

Ricemills posted...

To stay rich and becoming richer

Right. What would a poor man do with wealth? Like he knows how to use it!