[Breaking News] Hidden Taxes on Used Prestige Yachts Revealed – What Owners Wish They Knew
When people dream about owning Used Prestige yachts , the focus is usually on the elegance, performance, and comfort they bring. But hidden beneath the glossy decks lies a less glamorous reality—tax obligations. Boat ownership doesn’t escape the attention of the tax authorities, and failing to prepare can turn your dream purchase into an unexpected financial challenge. To help you navigate smoother waters, here are seven key taxes and tax-related opportunities every yacht owner should understand. Sales and Use Tax One of the first costs you’ll encounter is the sales or use tax applied when purchasing a yacht. The rate depends heavily on where the yacht is bought and registered. Some regions provide exemptions or favorable rules if the yacht won’t remain in-state, but owners must document this carefully. Skipping this step could result in penalties years later when authorities audit your purchase records. Annual Property Tax on Yachts Much like real estate, many jurisdictions treat ...