If you are buying your first boat or adding to your fleet, Tax write offs and chartering options will benefit you.
Up to 40% tax write off
Boat Taxes and Deductions for Boaters
Tax deductions in the boating world is a must learn concept that can benefit you in specific scenarios. There are various legal ways to lawfully deduct part of the boating expenses, which would lower your tax liability. These are some examples of boat tax deductions:
Donating Boats
It may be more profitable to donate your boat than to sell it. You don't have to find a buyer and can claim a tax deduction for the fair market value of the boat, if you donate it to a nonprofit or other qualified charitable organization. Make sure you speak with a tax expert about the issue because, of course, everything depends on other circumstances.
Boat as a Second Home
With a bathroom, bedrooms, and kitchen on board, every Hanover Yacht qualifies as a second home and can be deducted on your taxes.
Boat as Business
If you want to work from your boat or entertain customers, you can write off your taxes. Our yachts are undoubtedly ideal for both, but before making any tax-related decisions, be sure to consult a tax expert.
Charter Boat
You can deduct depreciation, maintenance, boat equipment, and more if you decide to charter your boat and genuinely try to make a profit while doing so, upgrading your insurance for commercial usage and giving a record of all of your business expenses.
Boat for Transportation
You can write off your fuel expenses, insurance, maintenance, dock or slip fees, crew pay, hurricane storage, and depreciation if you commute by boat (at least 50% of the time for business transportation).
