Notices
Like Tree5Likes

What are my charter permits worth?

Old 02-04-2019, 08:46 AM
  #1  
Junior Member
Thread Starter
 
Join Date: Feb 2019
Posts: 2
Default What are my charter permits worth?

i have a set of GOM charter reef fish/ coastal migratory pelagic permits. Thinking about selling them. What are they worth ?
Swjim43 is offline  
Old 02-04-2019, 09:03 AM
  #2  
Admirals Club Admiral's Club Member
 
Join Date: Apr 2014
Location: Florida
Posts: 4,408
Default

20 to 25K has been the asking price.
20biminitwist is offline  
Old 02-04-2019, 09:33 AM
  #3  
Junior Member
Thread Starter
 
Join Date: Feb 2019
Posts: 2
Default then Iíll sell them

i called a couple brokers to see what they were selling them for and one told me 27k and the other 28k. When I told them I had some and was thinking about selling one offered me 22 and the other 23k. Iíd rather sell them to an individual but 23 is a pretty attractive offer. I donít know
Swjim43 is offline  
Old 02-05-2019, 09:20 AM
  #4  
Admirals Club Admiral's Club Member
 
Join Date: Apr 2014
Location: Florida
Posts: 4,408
Default

That is why I said 20 to 25K

The brokers are just playing middle man to make money. 28 K is what the brokers are trying to get to put 5 K in their pocket.

They plan on the price going up some more as well. That remains to be seen and the way the NMFS is playing around some of those permits may not be worth chit in 5 years. When the reporting starts inactive permits won't have a catch history and will get very little quota to fish them.
gamefish25 likes this.
20biminitwist is offline  
Old 02-05-2019, 11:33 AM
  #5  
Senior Member
 
Join Date: Nov 2016
Location: Cape Coral
Posts: 282
Default

Just like buying a car, save money by buying from a private owner, pay more by buying from a dealer.
swflgroupertherapy is offline  
Old 02-06-2019, 06:48 AM
  #6  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2016
Posts: 183
Default

Originally Posted by 20biminitwist View Post
That is why I said 20 to 25K

The brokers are just playing middle man to make money. 28 K is what the brokers are trying to get to put 5 K in their pocket.

They plan on the price going up some more as well. That remains to be seen and the way the NMFS is playing around some of those permits may not be worth chit in 5 years. When the reporting starts inactive permits won't have a catch history and will get very little quota to fish them.
This is what is keeping me from laying out that kind of money on a set of permits, that in the next couple of years moves by NMFS make them worthless.
Boogan1 is offline  
Old 02-06-2019, 07:28 AM
  #7  
Admirals Club Admiral's Club Member
 
Join Date: Apr 2014
Location: Florida
Posts: 4,408
Default

Originally Posted by Boogan1 View Post
This is what is keeping me from laying out that kind of money on a set of permits, that in the next couple of years moves by NMFS make them worthless.
I have had mine since they started them. I am actively using them but the thought has crossed my mind about parting with them. Just keep getting that funny feeling that those 2 red decals ain't gonna be worth chit one day.
20biminitwist is offline  
Old 02-06-2019, 11:59 AM
  #8  
Senior Member
 
Join Date: Jul 2012
Location: Key West FL
Posts: 218
Default

If you donít have reported landings your going to have buy allocation if NMFS goes in that direction.

Permits with a landings with be worth more. Simple economics.

Greg
MVFisherman likes this.
Yankee Capts is offline  
Old 02-07-2019, 06:46 AM
  #9  
Senior Member
 
Join Date: Jul 2012
Location: Key West FL
Posts: 218
Default

Originally Posted by Yankee Capts View Post
If you donít have reported landings your going to have buy allocation if NMFS goes in that direction.

Permits with a landings with be worth more. Simple economics.

Greg
Well after I posted I got a notice that Amendment 41 and 42 has been suspended.

So for the moment no allocation with permits.

Greg
Yankee Capts is offline  
Old 02-07-2019, 07:38 AM
  #10  
Admirals Club Admiral's Club Member
 
Join Date: Apr 2014
Location: Florida
Posts: 4,408
Default

Originally Posted by Yankee Capts View Post


Well after I posted I got a notice that Amendment 41 and 42 has been suspended.

So for the moment no allocation with permits.

Greg
For the moment! They will be back with something.
20biminitwist is offline  
Old 02-08-2019, 01:03 PM
  #11  
Senior Member
 
Join Date: Jul 2012
Location: Key West FL
Posts: 218
Default

Originally Posted by 20biminitwist View Post
For the moment! They will be back with something.
Until MRIP gets fixed.

Who knows what comes next. Iím sure it will be a fight.

Greg
Yankee Capts is offline  
Old 02-09-2019, 06:07 AM
  #12  
Admirals Club Admiral's Club Member
 
Join Date: Apr 2014
Location: Florida
Posts: 4,408
Default

Originally Posted by Yankee Capts View Post


Until MRIP gets fixed.

Who knows what comes next. Iím sure it will be a fight.

Greg
I don't know why they just don't require a phone app for all recreational landings. Both for hire and private.
Report before hitting the dock your catch and if you don't when you hit the dock the fish are illegal. Seems it would be the easiest way to make them stop guessing.

Sort of like the I snapper app I believe Alabama is using.

I really don't think VMS is necessary. Hail out and in Via the app and be done with it.
20biminitwist is offline  
Old 02-10-2019, 08:40 AM
  #13  
Senior Member
 
Join Date: May 2006
Location: Fort Pierce,FL
Posts: 4,507
Default

Dont forget the IRS is taking half. If you originaly paid $100 for permit and sell it for 20k you will be paying around 8 to 10k in taxes.
barrell is offline  
Old 02-10-2019, 09:25 AM
  #14  
Senior Member
 
Join Date: Mar 2009
Location: Homosassa, FL
Posts: 1,310
Default

How do you figure that? Capital gains rates are 0%, 15%, or 20% based on your other income.
DocStressor is offline  
Old 02-11-2019, 07:51 AM
  #15  
Senior Member
 
Join Date: May 2006
Location: Fort Pierce,FL
Posts: 4,507
Default

Originally Posted by DocStressor View Post
How do you figure that? Capital gains rates are 0%, 15%, or 20% based on your other income.
Why would it be capitol gains? Its regular income you buy something for a lower price and sell it for a higher price. Im no lawyer but as a business man thats how I think they will view it.
barrell is offline  
Old 02-11-2019, 08:51 AM
  #16  
Senior MemberCaptains Club Member
 
Join Date: Jan 2007
Location: North Carolina
Posts: 2,086
Default

Originally Posted by barrell View Post
Dont forget the IRS is taking half. If you originaly paid $100 for permit and sell it for 20k you will be paying around 8 to 10k in taxes.
Yea thatís not right...
T-bone123 is offline  
Old 02-11-2019, 11:29 AM
  #17  
Senior Member
 
Join Date: May 2006
Location: Fort Pierce,FL
Posts: 4,507
Default

Originally Posted by T-bone123 View Post


Yea thatís not right...
You would have to report the 20k on your taxes, correct? So if you add 20k income on your tax return why would you not have to pay taxes on it? I guess you could find somebody to give you an envelope with 16k in it cash and then the documents say you sold them the permit for 2k. That would avoid most of the taxes but would be illegal and a loss for the buyer who then cant write off the full 18k he gave you for a business expense.
barrell is offline  
Old 02-11-2019, 12:04 PM
  #18  
Senior MemberCaptains Club Member
 
Join Date: Jan 2007
Location: North Carolina
Posts: 2,086
Default

Originally Posted by barrell View Post
You would have to report the 20k on your taxes, correct? So if you add 20k income on your tax return why would you not have to pay taxes on it? I guess you could find somebody to give you an envelope with 16k in it cash and then the documents say you sold them the permit for 2k. That would avoid most of the taxes but would be illegal and a loss for the buyer who then cant write off the full 18k he gave you for a business expense.
Because your tax rate is way off. Your not paying 40-50% in taxes. See capital gains post above.
T-bone123 is offline  
Old 02-11-2019, 03:58 PM
  #19  
Admirals Club Admiral's Club Member
 
Join Date: Apr 2014
Location: Florida
Posts: 4,408
Default

Originally Posted by T-bone123 View Post


Because your tax rate is way off. Your not paying 40-50% in taxes. See capital gains post above.
Not to mention the years of ownership of said permits..
I have maintained at great expense to me those permits. It' ain't the fee. The cost of holding them is expensive. To include all sorts of variables.

Your way off base again Barrel.
20biminitwist is offline  
Old 02-12-2019, 07:45 AM
  #20  
Senior Member
 
Join Date: May 2006
Location: Fort Pierce,FL
Posts: 4,507
Default

Originally Posted by 20biminitwist View Post
Not to mention the years of ownership of said permits..
I have maintained at great expense to me those permits. It' ain't the fee. The cost of holding them is expensive. To include all sorts of variables.

Your way off base again Barrel.
Those expenses were written, or should have been written off every year. You cant write them off again now at the end of the business. There may also be a state tax on the assets at the closing of the business. I just went through all this closing my business in Nj.
barrell is offline  

Thread Tools
Search this Thread