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Old 23-08-2015, 07:23   #61
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USCG Documentation and Which State to use

Quote:
Originally Posted by Maka View Post
Regarding using a corporation to own a boat and or slip to save taxes: If it is a Sub S or similar corporation that lets you deduct the corporate expenses from your personal taxes whether the corporation generates income or not.
Granted that a Sub S corporation must show some income with in 5 years, but this is an easy one. Rent the boat for an evening to a friend to have a little party on the boat w out ever leaving the slip. To some one for a photo shoot, who never goes on board. Be creative. Just be honest in the process.
Your accountant can define the parameters for you.

The advantage of having the Corporation own the slip as well, is that the new owner of the corporation does not have to get on a waiting list for a slip in a crowded and popular marina or harbor. This is a common practice for commercial boat operations as well as private boat owners.

You can more or less guarantee an audit for yourself if you attempt to show nothing but losses for 5 years. By income I think you mean it needs to show a net income, which will not happen by renting the boat for a couple of days a year.

Also - how are you funding this black hole corporation? Personal loans each year?

This could end up being classified as evasion, for which you can be tossed in jail.

Once again though - nothing to to with USCG hailing port, and now also nothing to do with use/sales tax, which I presume you would write off in your shell company, only saving the personal income tax on it


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Old 04-06-2016, 19:01   #62
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Re: USCG Documentation and Which State to use

I'm gonna bump this recent thread and ask if folks have registered or documented their dinghy/tender when they leave the USA for points far east/west. Documentation for the main vessel is already accomplished. The new tender was registered - but does linking the tender to the documented vessel take care of the issue or does one have to document the tender as well. We won't be in the states - we will be abroad.
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Old 04-06-2016, 19:28   #63
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Re: USCG Documentation and Which State to use

You can't USCG document a tender - too small
. when cruising outside the US you don't need dinghy registration. It is good to have a bill of sale with serial numbers for the dinghy and outboard.
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Old 04-06-2016, 19:40   #64
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Re: USCG Documentation and Which State to use

I carry a small Bayliner that is state registered.
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Old 04-06-2016, 20:33   #65
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Re: USCG Documentation and Which State to use

Vessels must be more than 5 net tons to be eligible for federal documentation. That would be a big tender.
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