Mike Kimball, CPA
mikek@yachtstaxadvisor.com

Why own a charter boat?

The desire to own and enjoy a well equipped, seaworthy boat must be instinctive. A person born with this instinct usually progresses to successively larger, more expensive boats until he asks himself the question--is it worth it?

Large boats are expensive to buy, own and maintain. Besides, if you visit nearly any marina you'll observe that most boats are under utilized. Yours may be one of them. Maybe you've reached the point of asking yourself the second question--"what's the point of spending so much to keep a boat if I can only use it for three to four weeks a year?"

Many owners find that chartering answers these questions.

Chartering will enable you to use your time for boating-- the most enjoyable purpose. Let someone else attend to routine maintenance.

Chartering will provide new tax sheltered revenues with which to pay maintenance, insurance and dockage. This revenue is earned while your boat might otherwise remain tied to the dock. In many cases you are not limited to one location. You can enjoy using your boat, or another similar one in different desirable locations. You may earn greater equity while the boat is in charter service and take a long cruise or live aboard it during retirement.

Clearly, these are benefits when compared to private ownership, but there are also costs. If you would like to investigate the costs,  see
Charter Survey for information about how we can help.