Admirality & Maritime Law Attorney in Coral Gables, Florida

Are there tax implications in buying a yacht?

Miami, FL admiralty & maritime attorney Michelle Otero Valdés talks about the tax implications in buying a yacht.

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0:04
there are numerous potential tax
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implications on buying a yacht here in
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the state of florida for example we have
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a tax cap of eighteen thousand dollars
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for anyone wanting to buy a yacht of any
00:17
size the max you could ever
00:20
be required to pay in sales tax is
00:22
eighteen thousand dollars
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as that as an example if you are someone
00:27
say from another state
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if you’re planning to use florida a lot
00:32
as a staging point to use the vessel say
00:35
in the caribbean
00:37
it might be prudent for you to pay the
00:39
eighteen thousand dollar sales tax for
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the yacht or alternatively if you’re
00:45
someone from somewhere else
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you may choose to not pay the tax at all
00:51
and there’s certain ways that
00:54
the vessel has to be utilized and
00:55
structured for that purpose

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