For Boat Owners or Owners Interested in Purchasing
Wouldn’t it be nice to have a boat that is a profitable business, providing financial returns and appreciating in value instead of depreciating? Look no further! Our team is committed to keeping your boat looking nicer each day it’s in charter, while having charter revenue pay for the repairs, maintenance, dockage, insurance, etc. On top of the financial returns your boat will produce for you, 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. You may also take a bonus depreciation deduction in the year of purchase, which is 50% of the amount of the purchase price over $500,000. 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. You won’t have to pay sales tax on purchases and repairs you have done on your boat when it’s in charter. Furthermore, if you are buying a boat, you do not have to pay sales tax on the purchase if you charter your boat.
By chartering your boat with Blue Ocean Yacht Charters, you can:
- Increase the value of your boat: Chartering your boat as a business allows you to sell it for more than its base value by adding the business value to the purchase price.
- Charter revenue, most likely will pay for all your boat’s expenses.
- Utilize Section 179 Depreciation benefits, reducing your income tax by offsetting the purchase of your boat against your AGI.
- Pay zero sales tax on purchases and repairs on your boat.
- Enjoy the flexibility of using your boat whenever you want, with minimal notice required.
- Enjoy the convenience of having your boat fully operational, cleaned, and ready for use when you arrive.
- Benefit from a 15% discount on all parts and labor at Key Marine Service, with immediate service availability.
- No monthly maintenance fees and up-charges on parts and labor, accessing our discounted rates from wholesalers.
- Guaranteed dockage in one of the most desired marina’s in all of Key West, The Perry Hotel and Marina, which currently has a two year waiting list.
- Keep your boat in one of the most beautiful places in the world, with pristine water color, clarity, and stunning coral reefs.