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Thinking about using a yacht for your business and want to know about tax breaks? Section 179 lets you deduct part of the cost upfront, but only if the yacht is truly for business (To qualify you must prove Active Participation and Ability & Intent to make a profit) and there are spending limits. Bonus depreciation offers even bigger deductions. Remember, the IRS is strict, so consult a tax pro specializing in yacht businesses.
We recently set the GoPro up to film the planking the new LM46 performancy yacht that is under construction at Lyman-Morse in Maine. The construction of this cold-molded performance cruiser is moving along quickly — and will get you sailing quickly, too! The cold-molding process involves layering western red cedar and epoxy applied in 4 rounds, two of which are seen here. A bag is then used to create a vacuum to ensure a tight seal and draw uniform pressure across the epoxy to cure. Excited to share more as construction develops. Check lymanmorse.com for details about the LM46.