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What are my charter permits worth?

Old 02-12-2019, 07:57 AM
  #21  
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These are permits and there is know way for anyone except the buyer and seller knowing who paid what.

Sure, taxes will be due but not 50% of the actual $$$$ and without getting to creative there are some ways around the taxes to some degree.

Really doesn't matter in the grand scheme. I paid a little over a 100 bucks a year and didn't pay a dime for something that is worth 25K today. If I work my ass of to make 25 K I still have to pay tax. I did nothing more than some paperwork for these permits. Right now it's like holding stock. You gotta know when to fold um and know when to hold them.
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Old 02-12-2019, 08:15 AM
  #22  
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I compare it to a liquor license attached to a building. It is costly to own one unless you are using it to make money. If not it will cost you to hold on to it. I doubt an IRS or even a good accountant would know what to do unless they had previous experience in the handling of this. I know some exist that do have the experience but they are not going to be found on this forum.
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Old 02-12-2019, 08:56 AM
  #23  
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I think, generally speaking, one should avoid fishing/boating message boards when it come to getting tax advice. Maybe it's just me though.
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Old 02-12-2019, 12:04 PM
  #24  
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Originally Posted by Fishin Blue Water View Post
I think, generally speaking, one should avoid fishing/boating message boards when it come to getting tax advice. Maybe it's just me though.
Best post ever!
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Old 02-12-2019, 03:08 PM
  #25  
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Originally Posted by Fishin Blue Water View Post
I think, generally speaking, one should avoid fishing/boating message boards when it come to getting tax advice. Maybe it's just me though.
Correct by all accounts.

Ain't a soul that post's here gonna come to help you.

I did not give any advise by the way. I just stated there are many ways to play the game.
The permits and value are today what someone is willing to pay. There is no guarantee like a stock they will be worth shit 5 years from now.

As it sits for me over the years I have permits worth 25 K right now. Probably 2k or less invested in renewal fees over the years
I will gladly pay the required tax on that return on investment if I sell them.
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