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Live on yacht tax free. If youre working abroad your salary may not be subject to US. There are situations in which a boat that appears to have appropriate paperwork may not in fact be VAT paid. There are four main types of taxes that boat owners pay including those who choose to live on their yachts.

Live on a Yacht Tax Free. Boat As A Second Home Tax Deduction This is the biggest tax deduction for recreational boat owners. If you are planning to live on your yacht it is good to be familiar with the most common tax deductions for boat owners.

Living in the house with the mortgage taxes gas hydro and water came to around 160000 per month and that would be considered living cheap compared to most people living in Toronto. When it comes to buying a boat its important not to underestimate the complexity of VAT and yachts especially for higher value craft. Boat and yacht owners cannot fully escape paying taxes.

You can get a tax-free residence in the Bahamas if you are not short on capital. Boaters who actually live aboard can claim their boat as a primary residence and receive all the tax benefits that come along with that designation just as with a house on land. To get this tax break deduct the interest you pay on your boat loan in your IRS Form 1098 by declaring your boat as your second.

Expect to be charged based on the size of your boat plus potential extra fees for electric service and other amenities. The primary questions that the IRS will ask are whether the boat is a suitable homedoes it have bedrooms a kitchen and a bathroomand whether youre actually living there as opposed to just cruising aboard. All privately owned vessels used by EU residents within the EU are required to be VAT paid.

Here on the the boat we average out at about 60000 a month living year round. To that end a boat slip or the area where the boat is kept is taxed as property even though its just an outline of a piece of water Mr. Youll probably save money on.