Can you write off a yacht?

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.

🔔 Subscribe to Full Displacement, the Current Yachts podcast.

Resources & Contact

📲 Get in touch with Doug: https://currentyachts.com/resources/directory/elevated-cpa
📆 Book your consultation with yacht broker Amanda Haley: https://youtube.currentyachts.com/consult-amanda
📩 Browse our Marine Directory of yachting professionals: https://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.

🎥 Our podcast Full Displacement helps educate yacht sellers and buyers, and shares what is happening in the yacht brokerage market: https://www.youtube.com/playlist?list=PLXcE3-wOQgN8C7VGybRHBjzf9uZsr6tPs

We are revolutionizing yacht sales by offering a transparent, service-based pricing model that puts yacht buyers and sellers first. How?
1️⃣ Our flat-rate selling expense replaces inflated yacht brokerage commissions. And the buyer-side commission (called co-brokerage) only gets paid if a co-broker is present.
2️⃣ Our buyer-broker representation agreement means our yacht buyers receive the unbiased guidance they need to protect their interests.
3️⃣ Our modern platform streamlines the listing intake process including an listing agreement you can generate and signed digitally within minutes. Our platform ensures real-time communication with a dedicated team and provides analytics for all parties.

🏁 The result? More transparent yacht sales, and faster, more efficient transactions.

We've set out to build a genuine community that offers exclusive insights and resources, empowering yacht owners and buyers alike.

Contact Current Yachts

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