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Yacht owners enjoying a huge perk -- tax breaks

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One grateful local yacht owner calls it a federal subsidy: Several tax dodges, ranging from perfectly legal to dubious, are helping wealthy owners keep their big pleasure boats on the water, in Puget Sound and across the country.

Some ultra-rich yacht buyers are expecting to deduct millions from their income tax next year by depreciating their pleasure craft under the provisions of the Bush administration's tax-relief program passed by Congress in 2003. About 500,000 boat owners nationwide can decrease their income-tax bill every year by declaring their vessels a second home. Some others collect healthy deductions from putting their boats into charter arrangements that may skirt the provisions of the tax code. And some corporations take deductions on yachts that seem to stretch the definition of a business resource.   more...

 



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Wow! Are you jelous? It appears you do not have a clue about the tax code. Did you vote for John whats his name? Yuo should rewrite this one after you go to school and get the truth.11/15/2004 8:32:39 AM
name not provided
So if a guy buys a cottage and writes it off as a second home it's OK, but a boat isn't?? The expense on a cottage I'm sure, is not as much as a boat, small or large. Storage, slip, fuel, service etc, etc, etc. This helps the economy in many ways.2/5/2005 6:21:05 PM
Bruce Brooks
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