Same planet different world (superyacht)

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nmuir

nmuir

Senior Member
Joined
Feb 2, 2013
Messages
158
Location
Canada
Vessel Name
Ka Hale Kai
Vessel Make
52' Cheoy Lee
Kogo just anchored out front of our house yesterday.

A quick google search shows:
* 235'
* crew of 21
* #58 out of the world's largest 100 superyachts
* orginal owner Mansour Ojjeh of Mclaren Formula 1 team fame. Net worth $2.6 bn
* winner of some 2007 superyacht design competition. Video tours online

Probably as close as I will ever get to this sort of wealth. Just thinking about the maintenance makes me dizzy!
 

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Meh. It doesn’t even have a helipad. Posers! [emoji23]
 
Impressive ship in your front yard. We get some of the "smaller" mega yachts in San Diego. Attessa IV also pulls in a few times per year but they have to anchor in the bay because they are too big to park inside. Its fun to drive out there and do a couple laps around it.
 
Expect the crew costs approaching $1,000,000 a year. Wouldn't be surprised if annual operating costs are several millions.
 
Sticks out like sore....uh...thumb, even when viewed from Bowen Island, where we are today.
 
"Expect the crew costs approaching $1,000,000 a year. Wouldn't be surprised if annual operating costs are several millions."


Most are probably "businesses" owned by a larger corp, so expenses are deductions on their taxes , not an out of pocket expense.


Except for the little folk that need to keep the gov funded if the big guys don't.
 
Should have invited them up to the house for a cookout and swim in the pool.
 
FF said:
"Expect the crew costs approaching $1,000,000 a year. Wouldn't be surprised if annual operating costs are several millions."


Most are probably "businesses" owned by a larger corp, so expenses are deductions on their taxes , not an out of pocket expense.


Except for the little folk that need to keep the gov funded if the big guys don't.
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Someone is still paying no matter the structure. A corporation can't print money, it comes from somewhere, i.e. the owners.
 
"Someone is still paying no matter the structure. A corporation can't print money, it comes from somewhere, i.e. the owners."


As an owner I pay for my fun time aboard , with after tax bucks.


The "owners" of any corp are the stock holders who loose nothing when management has a big toy that is a tax deduction . Taxpayers pay for the toy.
 
FF said:
"Someone is still paying no matter the structure. A corporation can't print money, it comes from somewhere, i.e. the owners."


As an owner I pay for my fun time aboard , with after tax bucks.


The "owners" of any corp are the stock holders who loose nothing when management has a big toy that is a tax deduction . Taxpayers pay for the toy.
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Ha, okay, that's quite a stretch you're making. A corporation can be made up of as little as one person and that yacht isn't tax deductible unless placed into service for charter and even then is subject to hobby loss rules, so you can't just go writing anything off and calling it a business. I can assure you that you and I aren't subsidizing anyone's yachting adventures with our tax dollars.
 
Stretch indeed. A corporate titan titan who owned a yacht, and also played games with share holders money was the CEO of Tyco in the 90’s. Kowalski was his name if I remember correctly. Things didn’t end well for him.
 
Neil
We cruised up Indian Arm on Saturday. Kogo was then anchored in Deep Cove, Triton (Dave Ritchie, formerly of Ritchie Bros Equipment Auctions, now just a retired mega wealthy guy) Cruised up to the North end of Indian Arm on Sunday and is now tied up at Coal Harbour. Lots of Mega Yacht spotting in Vancouver.
http://www.charterworld.com/index.html?sub=yacht-charter&charter=triton-2606
 
boatruptcy said:
I can assure you that you and I aren't subsidizing anyone's yachting adventures with our tax dollars.
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Hm.... well.... Most of the US TF members who pay taxes are helping to subsidize my boat. I claim it as a second home and therefore deduct the mortgage interest on the loan from my taxable income.

I have a friend that owns a 20 year old 114’ motor yacht. He charters it out for a minimum of about $50k a week. I am sure he is writing off a good portion of the expenses each year.
 
dhays said:
Hm.... well.... Most of the US TF members who pay taxes are helping to subsidize my boat. I claim it as a second home and therefore deduct the mortgage interest on the loan from my taxable income.

I have a friend that owns a 20 year old 114’ motor yacht. He charters it out for a minimum of about $50k a week. I am sure he is writing off a good portion of the expenses each year.
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Your home interest deduction is a law enacted by congress to encourage home ownership, hardly a taxpayer subsidy even in the broadest sense.


If he is chartering then I am sure he is writing off expenses, as he should be allowed. When/if he makes money on the charter you can bet your bottom dollar it will be taxed by the IRS. If he doesn't claim his personal use on the asset, he is breaking the law.



The point is that even if a megayacht is structured in a corporation, that money to pay for expenses comes from somewhere, ie the shareholders. No, big companies don't have 100 million dollar yachts on there books that "we" are subsidizing, which appears to be the common misconception here with some folks. Corporations have a board of directors that are tasked with making decisions for the shareholder's best interests.



IF a yacht were to be on the books for some reason (I highly doubt it), only the business use portion of that yacht's use is deductible, this is a real sticky point with the Feds for the very reason so many of you are confused about. You aren't allowed to deduct your personal use items against income, that's the whole point of the income tax.
 
boatruptcy said:
Your home interest deduction is a law enacted by congress to encourage home ownership, hardly a taxpayer subsidy even in the broadest sense.


If he is chartering then I am sure he is writing off expenses, as he should be allowed. When/if he makes money on the charter you can bet your bottom dollar it will be taxed by the IRS. If he doesn't claim his personal use on the asset, he is breaking the law.



The point is that even if a megayacht is structured in a corporation, that money to pay for expenses comes from somewhere, ie the shareholders. No, big companies don't have 100 million dollar yachts on there books that "we" are subsidizing, which appears to be the common misconception here with some folks. Corporations have a board of directors that are tasked with making decisions for the shareholder's best interests.



IF a yacht were to be on the books for some reason (I highly doubt it), only the business use portion of that yacht's use is deductible, this is a real sticky point with the Feds for the very reason so many of you are confused about. You aren't allowed to deduct your personal use items against income, that's the whole point of the income tax.
Click to expand...


I still think the mortgage deduction (which I like and does encourage home ownership) still is a taxpayer subsidy for us that can take advantage of it.

I’m sure my friend is paying all the taxes he is required to, and also trying hard to pay as little as it legitimately possible.

Not being terribly astute with taxes, I still think that there is no reason to tax a corporation. Taxes should be paid by the individual who benefit from the income received from corporations.
 
"Taxes should be paid by the individual who benefit from the income received from corporations."



Anything taxed like income is reduced as much as possible to save on taxes.


As savings are one key to capitalism , allowing great incomes and simply taxing final sales is simple and cheap to do.


The States would be an ideal tax collector as most already have sales taxes.


Give them 1% for the effort and most US citizens would stop being liars every April 15.


IMAGINE !!!, a tax system with no reporting, no audits no hassles.
 
FF said:
"Taxes should be paid by the individual who benefit from the income received from corporations."



Anything taxed like income is reduced as much as possible to save on taxes.


As savings are one key to capitalism , allowing great incomes and simply taxing final sales is simple and cheap to do.


The States would be an ideal tax collector as most already have sales taxes.


Give them 1% for the effort and most US citizens would stop being liars every April 15.


IMAGINE !!!, a tax system with no reporting, no audits no hassles.
Click to expand...


There certainly are some advantages to a VAT. However, sales taxes are highly regressive, ie the lower the income, the higher the percentage of your available income is spent in taxes. Many would regard this as having the poor pay a disproportionate amount.

The second problem is that while the typical consumer may not have any reporting, audits or hassles, sales tax increase the reporting, audits, and hassles on the part of private business which has to collect, report, and pay those taxes. The cost of that is not insignificant.

Not saying I don’t like sales tax, (I live in WA after all), but it isn’t the panacea some may thing.
 
The joy in boating for us is to make all the decisions ourselves, sharing what we discover within ourselves and in our surrounding environment, learning as we go, and being 100% responsible for the wellbeing of our boat.

Having a bigger boat that required crew would diminish all of that, so even if we could afford it we'd have a boat small enough for us to handle by ourselves, with a shallow enough draft to go where we like.
 
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MurrayM said:
The joy in boating for us is to make all the decisions ourselves, sharing what we discover within ourselves and in our surrounding environment, learning as we go, and being 100% responsible for the wellbeing of our boat.

Having a bigger boat that required crew would diminish all of that, so even if we could afford it, we'd have a boat small enough for us to handle by ourselves with a shallow enough draft to go where we like.
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Very true Murray. However, I have to admit that would forego some of that joy if I could afford a crew that would wash the boat weekly, wax it monthly, and clean the inside daily.
 
dhays said:
Very true Murray. However, I have to admit that would forego some of that joy if I could afford a crew that would wash the boat weekly, wax it monthly, and clean the inside daily.
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If you have a 36 year old boat with a workboat heritage it doesn't need too much pampering ;)
 
MurrayM said:
If you have a 36 year old boat with a workboat heritage it doesn't need too much pampering ;)
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Even if you have a 2010 plastic boat like mine. It “should” be pampered but I’m too lazy to do it. Now, if I had the money to pay someone else... then I could do with “shiny”.
 
dhays said:
Even if you have a 2010 plastic boat like mine. It “should” be pampered but I’m too lazy to do it. Now, if I had the money to pay someone else... then I could do with “shiny”.
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:D :thumb:
 
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