Can you write off your yacht?

Most boat owners are leaving massive tax benefits on the table. Or worse, sidestepping IRS rules without knowing it. CPA Doug Benefield and fiduciary advisor Joe McKinley break down exactly how to turn your yacht into a legitimate, tax-efficient business that holds up to IRS scrutiny.

Whether you're a current owner, considering your first purchase, or simply a high-net-worth individual exploring smarter asset strategies, this episode may save you hundreds of thousands. Doug Benefield is a licensed CPA helping small businesses and boat owners nationwide legally maximize tax benefits. Joe McKinley is a fiduciary financial advisor specializing in tax strategy and asset management.

From multi-member LLCs and bonus depreciation to active participation documentation and Section 179 strategies, they cover the critical steps to maximizing deductions without triggering audits. You'll also learn how to use charter operator proformas, build a compliant business plan, and work with your existing CPA to optimize your position.

Contacts & Resources:
📲 Get in touch with Tideline Solutions: https://currentyachts.com/resources/directory/tideline-solutions
📆 Book your consultation with yacht broker Amanda Haley: https://youtube.currentyachts.com/consult-amanda
📩 Browse our Marine Directory of yachting professionals: https://youtube.currentyachts.com/directory

Key Insights:
✍🏼 Entity structure matters. Multi-member LLCs or S-corps with formal operating agreements are your first line of defense against audits and liability.
📆 Think holistically. Yacht financing and business operations should align with your broader wealth strategy, not exist in isolation.
🛥️ Prove you're in the game. Active management and a documented profit motive are what make deductions stick under IRS scrutiny.
📚 Loopholes aren't loopholes: they're rules. Legitimate deductions require genuinely meeting IRS definitions of business activity and participation.
⏱ Know your life stage. Liquidity, goals, and timing should drive the decision: not just the tax upside.
🤝 Your advisors should talk to each other. Brokers, CPAs, and financial planners working in sync is what keeps you compliant and protected.

💭 WHO IS CURRENT YACHTS? We are a full service yacht brokerage company located in Fort Lauderdale, Florida, and Annapolis, Maryland. Our licensed and bonded professional brokers assist yacht sellers and buyers every step of the way.
We are revolutionizing yacht sales by offering a transparent, service-based pricing model that puts yacht buyers and sellers first.

⚓️ Discover the Current Yachts difference at https://currentyachts.com/
🛥️ Browse our inventory: https://currentyachts.com/boats/

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