IRS SECTION 179 BUSINESS DEDUCTION BENEFITS FOR 2016
- Deduct your slip fees, insurance premiums, loan interest, property tax, repairs and maintenance, etc.
- Use yacht charter revenue together with the business tax deductions to reduce the costs of ownership
- The vessel must be used for business purposes more than 50% of the time to qualify for IRS Section 179
- Bonus depreciation expense deduction in the year of purchase equal to the purchase price of up to $500,000
- Businesses that purchase, finance and/or lease less than $2,000,000 in new or used equipment should qualify
- IRS Section 179 benefit is reduced for yachts priced over $2,000,000
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Luxury Liners is not a licensed tax advisor so please consult your advisor to find out what’s best for you.