Yacht Ownership
The Lifestyle is Closer than You Think
Purchasing a yacht and placing it into charter service with Cruising Yachts Club can have significant tax savings that may put yacht ownership closer than you ever thought possible. Cruising Yachts Club is uniquely situated in partnership with Cruising Yachts, Inc and California Yacht Imports to provide you a streamlined process from purchase through placement into charter.
Placing your yacht into charter doesn't mean not having access to it, or keeping it in the Caribbean or Mexico. It will be right here in California easily accessible to you. Cruising Yachts Club will work with you to create a schedule that works around how you intend to use your yacht. The rest of the time, it will be available for charter and saving you money!
Placing your yacht into charter doesn't mean not having access to it, or keeping it in the Caribbean or Mexico. It will be right here in California easily accessible to you. Cruising Yachts Club will work with you to create a schedule that works around how you intend to use your yacht. The rest of the time, it will be available for charter and saving you money!
Tax Code 179
For years savvy yacht buyers have recognized that there is a completely legitimate way to significantly reduce the cost of owning a yacht by structuring ownership in a manner that allows you to write-off the purchase price of your yacht and deduct most ownership expenses (insurance, slip fee, maintenance) against your employment income. Here are some of the basics behind section 179:
- Under Section 179 of the Internal Revenue Code, you can take a one-time expense deduction in the year of purchase equal to the purchase price of your yacht up to a maximum deduction of $500,000. This benefit is reduced for yachts priced over $2,000,000 (a subject beyond the scope of this article); plus
- You also can take a bonus depreciation deduction in the year of purchase of 50% of the amount of the purchase price over $500,000; plus
- You can depreciate the adjusted cost basis of your yacht (the balance of the purchase price after deducting the Section 179 expense deduction and 50% bonus depreciation deduction) over 10 years; plus
- You can deduct against your charter income and other employment income all ordinary and necessary charter related expenses including, for example, slip fees, insurance, repairs, loan interest, property tax, etc.; plus
- You will receive income from the charter of your yacht, the amount of which varies depending on the size of your yacht and the charter company you use.
For more information please contact Ian Van Tuyl the yacht specialist. Please feel free to contact me at any time day or night and I look forward to hearing from you and hopefully earning your business.1-(619)-507-4416Instagram- ivtyachtsalesGoogle + - IVT Yacht Sales, Inc.Facebook - IVT Yacht Sales, Inc.Blogger - ivtyachtsales#Jeanneau #JeanneauDeckSalon #DeckSalon #JeanneauSunOdyssey #SunOdyssey #JeanneauSunFast #JeanneauYachts #JeanneauDealer #YachtBroker #Jeanneau #SunOdyssey #YachtBoat #Sailboat #Cruising #Monohull #coastal #offshore #Harken #Fast #safe #SanDiego #MarinaCortez #CabrilloMarina #SunRoadMarina #ShelterIsland #California #UnitedStates #IanVanTuyl #CruisingYachts #Mexico #Canada #Yacht #Broker #bali #bestboat #bestcatamaran #bluewater #boatshow #brokerage #ca #california #catalina #catamaran #cruiser #cruising #cruisingyachts #ensenada #expresscruiser #fast #flagship #forsale #france #hunter #in-stock #jeanneau #jeanneau64 #jeanneauyacht #losangeles #marinadelrey #mdr #mexico #monohull #performance #performancecruiser #power #powerboat #sail #sailboat #sailing #sandiego #sandiegobigbayboatshow #westcoast #yacht #yachtbroker #ivtyachtsales
