Has anyone written off the mortgage on their boat as a second home? I downloaded material from IRS that seems to allude to the possibility of doing this. Can anybody who has done this tell me what froms they had to file?
Thanks
dave_lhs_bio@hotmail.com
Boat as second home-tax exemption?
Moderator: Jim Walsh
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Ed Haley
Re: Boat as second home - interest deductibility
As long as your boat can qualify as a second home as indicated in IRS Pub 936 the interest expenses are tax deductible. Your boat will qualify if it has sleeping and cooking facilities as well as a head below. It also must be your only second home (no other vacation homes). See the link below for the IRS statements.
http://www.irs.ustreas.gov/prod/forms_p ... p93601.htm
eghaley@twcny.rr.com
http://www.irs.ustreas.gov/prod/forms_p ... p93601.htm
eghaley@twcny.rr.com
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Dana
Re: Boat as second home-tax exemption?
As Ed indicted this is very legal.....I did this on my CD26 during my boat loan. Only requirement is head (porta-potti is fine), sleeping (everyone has this one) and real basic cooking (portable stove, etc.). Size is NOT an issue. Registered or documentation...no diff....
Just list it under Schedule A, for itemized deductions. The basic instructions of the 1040 Schedule A form (at the back of the 1040 booklet) shows you where to list it and the instructions tells you that a boat, camper, etc. are aceptable as second home interest writeoffs.......
darenius@jlab.org
Just list it under Schedule A, for itemized deductions. The basic instructions of the 1040 Schedule A form (at the back of the 1040 booklet) shows you where to list it and the instructions tells you that a boat, camper, etc. are aceptable as second home interest writeoffs.......
darenius@jlab.org
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Larry DeMers
Re: Boat as second home-tax exemption?
Ed,
Do you know if any of the operating expenses for your boat can be used in calculating taxes? Expenses like the slip rent..or mortgage for that matter. Can these items be linked to the boats deduction somehow?
Larry DeMers
s/v DeLaMer
Cape Dory 30
ldemers@win.bright.net
Do you know if any of the operating expenses for your boat can be used in calculating taxes? Expenses like the slip rent..or mortgage for that matter. Can these items be linked to the boats deduction somehow?
Larry DeMers
s/v DeLaMer
Cape Dory 30
Dave B wrote: Has anyone written off the mortgage on their boat as a second home? I downloaded material from IRS that seems to allude to the possibility of doing this. Can anybody who has done this tell me what froms they had to file?
Thanks
ldemers@win.bright.net
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Larry Mace
Re: Boat as second home-tax exemption?
The only deductible amount would be the interest on the loan and state taxes.Larry DeMers wrote: Ed,
Do you know if any of the operating expenses for your boat can be used in calculating taxes? Expenses like the slip rent..or mortgage for that matter. Can these items be linked to the boats deduction somehow?
Larry DeMers
s/v DeLaMer
Cape Dory 30
Dave B wrote: Has anyone written off the mortgage on their boat as a second home? I downloaded material from IRS that seems to allude to the possibility of doing this. Can anybody who has done this tell me what froms they had to file?
Thanks
Larry Mace
CD 33 dolce
lmace@gt.com
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John Nuttall
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Ken Coit
Re: What about Doc Fees, closing costs and BEER???
You could go into the charter business and deduct a lot more than the mortgage interest. But, you might have to prove it is a business and not a hobby.
ken-shelley.coit@worldnet.att.net
ken-shelley.coit@worldnet.att.net
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John Nuttall
If I could only deduct for BEER, then.........
I'd be way ahead of any mortgage interest deduction !!! Now that would be real tax reform...........
BTW, excellent job on the article !!!
nuttallj@msn.com
BTW, excellent job on the article !!!
nuttallj@msn.com