Ruling could end luxury yacht tax deduction

By ERIC NALDER
SEATTLE POST-INTELLIGENCER INVESTIGATIVE REPORTER

Paul Nicewonger is among 660 owners of large luxury boats in Washington state who paid no state sales tax on their boats and also can claim boat-related deductions on their federal income taxes.

They have boats in what is called bare-boat charter (bare meaning without a crew).

"You are buying the boat tax free," said Nicewonger. "Depending on what tax bracket you are in, Uncle Sam is paying for 40 percent of the boat. Plus no sales tax, in my case a $30,000 savings, and all repairs, moorings, etc., are tax deductible."

But a recent court decision could jeopardize the sweet tax deal for owners of chartered boats.

http://seattlepi.nwsource.com/local/199203_boatcharter11.html

guess i'll get rid of my yacht now... :-(

the guys name is "Nicewonger"? Is this a joke?

I got about as much fucking sympathy for Mr. "Nicewonger" and his buds down at the Marina as I do for those Security Moms that make ME pay for their $60,000 Hummer or Escalade by painting "Buffy's Wedding Cakes" on the back window and taking the "business vehicle" tax break.

IOW, cry me a fucking river.