Boat & Yacht Owners can Defer Capital Gain Taxes with a 1031 Exchange

Greetings,

I hope you are enjoying the end of summer and looking forward to cooler fall days and the return of the “snowbirds” to South Florida. We all know this means an increase in water activities with more personal and charter yachts on the water, as well as several boat shows from fall to spring.

With the kick off of the Fort Lauderdale International Boat Show fast approaching, we see quite an increase in sales of boats and yachts. But did you know, when a seller is using their boat or yacht in business or trade they can defer capital gains tax upon the sale of that vessel if they reinvest in another boat or yacht that is also used in their trade or business? This is a HUGE opportunity for the seller to move into a larger vessel or newer vessel to expand their business or trade.

I am your local 1031 exchange expert and would like to assist you with your clients who decide to reinvest into another boat or yacht. Contact me to discuss if they qualify to complete a 1031 exchange.

To learn more about the steps involved to complete an exchange, read Boat and Yacht 1031 Exchanges.

Asset Preservation is a leader in the qualified intermediary services. We offer experience, expertise, and most importantly security of your client’s funds. We are a national company and can assist with sales and purchases in multiple states.