Bohonnon Law Firm, LLC - Maritime and Aviation Law Lawyers

Whether you are purchasing a yacht or aircraft, or selling one—how you conduct the transaction can have a tremendous impact on your federal tax burden. For this reason, retaining an experienced maritime and admiralty law attorney as early in the process as possible is a smart decision.

For Purchasers

If you are seeking to purchase a yacht or aircraft, there has never been a better time in terms of the tax benefits it affords. However, in order to make the most of current opportunities it is necessary to pay careful attention to the details of how the transaction is structured and carried out.

At Bohonnon Law Firm, LLC, we represent and advise yacht purchasers in Connecticut and from across the country on how to utilize recent tax changes to minimize the cost of owning and operating their vessels or aircraft. Important tax breaks that are now allowed include:

• Second home deduction
• Mortgage interest deduction
• Accelerated depreciation rates
• Corporate yacht or aircraft business expense deduction and recordkeeping
• Charter and bare-boat charter deduction

For knowledgeable tax-related help with your yacht or aircraft purchase—contact Bohonnon Law Firm today.

For Sellers

Sellers also need to be wary of how their side of the transaction is conducted in order to avoid exorbitant capital gains taxes and other unnecessary tax liabilities. Often, clients find it beneficial to purchase a new yacht in order to avoid capital gains taxes whenever the sale price of their current boat is far higher than its depreciated value.

There are also tax-minimizing options available other than simply selling a boat. Through our estate planning practice, we can advise you about 'gifting' options that are available to you. Charitable donation programs are an excellent choice in some cases too. Whichever option or strategy is right for you, our firm can help make it happen. Do you engage in like kind exchanges under Coder §1031?

Contact Us

To learn more about accelerated depreciation rates or the second home deduction—call or contact us directly in Westport or New Haven, Connecticut, today.