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Old 05-25-2018, 02:48 PM   #21
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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.

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.
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Old 05-26-2018, 08:12 AM   #22
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"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.
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Old 05-26-2018, 04:55 PM   #23
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"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.

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.
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Old 05-26-2018, 05:41 PM   #24
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I still like my 40 trawler. Guess i am jealous
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Old 05-26-2018, 06:09 PM   #25
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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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Old 05-26-2018, 06:16 PM   #26
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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.


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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Old 05-26-2018, 06:19 PM   #27
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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.
If you have a 36 year old boat with a workboat heritage it doesn't need too much pampering
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Old 05-26-2018, 07:52 PM   #28
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If you have a 36 year old boat with a workboat heritage it doesn't need too much pampering


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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Old 05-26-2018, 08:01 PM   #29
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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”.
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Old 05-26-2018, 08:04 PM   #30
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Should have invited them up to the house for a cookout and swim in the pool.
Yours or theirs?????

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Old 05-26-2018, 09:58 PM   #31
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We all love to look at the mega yacht that strays into our home waters.
Last summer I actually got aboard a bona-fide Megayacht. An eye opener for sure. like the OP stated "same planet - different world". Not a world guys like me are comfy in. To begin with, there were crew everywhere. Sure there were only 3 or 4 of them, but they were there just before you wanted them. The cook, sorry, "chef" had hor-douvres to pass around, the whole place was spotless, my tour, self guided at the invitation of the owner, whom I had met once, years ago, but really, he wouldn't have recalled, led me into the master stateroom, where his $50k watch was laying out on the dressing table! Different world for sure!
The boat itself was just big. To be big, successfully, it has to have huge power, great accommodations, lots of toys, easy to operate, seaworthy, etc. One of the neatest tricks was lighting up the water under the aft toy garage. The fish love the lights.

To see not one, but two Megas in Vancouver on a May weekend is a real treat!
Sorry Jim, Nova Spirit is always here, so doesn't register any more.
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Old 05-26-2018, 11:13 PM   #32
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Last year we were anchored off Big Majors in the Exumas and a crew showed up with two beautiful diesel powered tenders and set up a full party on a deserted beach on the uninhabited island with every toy you could imagine. The main yacht was a 317 ft yacht named Vava2. Problem was it draws 16 ft so they could only get their 120 ft shadow boat into the anchorage. The 317 ft mother ship was anchored in deep water other side of the island in exuma sound. Same planet very different worlds
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Old 05-26-2018, 11:38 PM   #33
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Last year we were anchored off Big Majors in the Exumas and a crew showed up with two beautiful diesel powered tenders and set up a full party on a deserted beach on the uninhabited island with every toy you could imagine. The main yacht was a 317 ft yacht named Vava2. Problem was it draws 16 ft so they could only get their 120 ft shadow boat into the anchorage. The 317 ft mother ship was anchored in deep water other side of the island in exuma sound. Same planet very different worlds
I know the boat and owner he is swiss yes but very Italian married to a brit

he comes from old money but is an amazing guy with and amazing story
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Old 05-27-2018, 07:59 AM   #34
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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.
Well, that’s not exactly true, since no one (and no corporation) is in the 100% tax bracket. If a corporation is in the 20% tax bracket and the corporation spends $100,000 for operating the boat as a business, the shareholders/owners still bear $80,000 of that expense.

Plus, none of it is deductible unless the boat is legitimately used in a business to make a profit.
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Old 05-27-2018, 09:33 AM   #35
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Boeing has a yacht, they write off 100% of it to marketing.
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Old 05-27-2018, 10:38 AM   #36
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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!
What’s interesting about this boat?
It’s just big.
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Old 05-27-2018, 11:34 AM   #37
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What’s interesting about this boat?
It’s just big.
I agree, it's worthy of note only for it's size. or should I say it's cost as that is what seems to interest most of those who posted about her. Given how much money we as a society seem to be pushing upwards to those at the top of the income scale, we will be seeing and hearing a lot more topics like this in the years to come.
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Old 05-27-2018, 12:34 PM   #38
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"Same planet, different world"

There are plenty of people that look at our boats and say the same thing. There are many different perspectives.
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Old 05-27-2018, 02:55 PM   #39
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If the owner uses it just 14 nights per year, the interest can be deducted as a 2nd home.

If they charter it, there are probably more deductions associated with a rental property.
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Old 05-27-2018, 08:09 PM   #40
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Boeing has a yacht, they write off 100% of it to marketing.
I don’t know much about tax laws, and even less about the world of Mega Yachts. If they are writing the cost and expense of that ship off , I would assume every time it leaves the dock there is a customer or potential customer aboard. Still sounds unusual to me for a publicly traded company.
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