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08-07-2006, 02:04 PM
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#11
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Registered
Join Date: Mar 2006
Location: Washington, DC
Posts: 329
Donzi 28ZX
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Re: Will Fountain build or has built...
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Originally Posted by pachangalpina
Just need to have the loan secured by the value of the boat, include a space for sleeping, an enclosed head, and place to prepare food. A portipotty in the cabin is all that will be necessary but prepare food is open to interpretation. The factory does not include anything more than a sink and cooler.
The other option is a home equity loan.
The thing that most people miss is having the loan secured by the vessel.
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That is good to know. I thought you had to have running water which IMO is pointless in the cabin of a speedboat.
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08-07-2006, 02:36 PM
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#12
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Registered User
 Gold Member
Join Date: Feb 2001
Location: Tampa, Indian Shores Beach
Posts: 3,301
Don't even mention the word boat
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Re: Will Fountain build or has built...
Seems like a really good option for Fouyntain to add to their larger boats. My 27 only has the bench and a bed and thats all I would ever use!
I mean does anyone actually use all that stuff in the cabin??? I only go in the cabin to ^%#* and sleep. Don't need any sinks, tv, microwaves, fans.>>>> Just more crap to break.
WILL 
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08-08-2006, 04:22 PM
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#13
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Knot Enough Weekends
 Platinum Member
Join Date: Oct 2004
Location: St Louis MO.
Posts: 257
1995 35 Lightning
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Re: Will Fountain build or has built...
I am getting ready to make a loan on the difference between my 27 and a 35, do I need to do anything different to take the deduction at the time of making the loan. 
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08-08-2006, 05:28 PM
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#14
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Registered
Join Date: Mar 2006
Location: Washington, DC
Posts: 329
Donzi 28ZX
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Re: Will Fountain build or has built...
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Originally Posted by 27 redline fvr
I am getting ready to make a loan on the difference between my 27 and a 35, do I need to do anything different to take the deduction at the time of making the loan. |
No you do it on your taxes at the end of the year granted your boat meets the above requirements.
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08-08-2006, 06:25 PM
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#15
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it'lldo
Platinum Member
Join Date: Aug 2005
Location: Hopkinsville, Ky
Posts: 2,543
It'll Do - 2004 , 29'--Fountain
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Re: Will Fountain build or has built...
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Originally Posted by kswest
No you do it on your taxes at the end of the year granted your boat meets the above requirements.
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can you explain this a little more. Myabe I'm missing tax break out there
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08-08-2006, 07:45 PM
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#16
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Registered
Join Date: Mar 2006
Location: Washington, DC
Posts: 329
Donzi 28ZX
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Re: Will Fountain build or has built...
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Originally Posted by itilldo
can you explain this a little more. Myabe I'm missing tax break out there
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If you have a loan on your boat and your boat meets the requirements about (sleeping, eating, crapping) you can write off the interest you pay on the loan as interest on a secondary residence (just as you write off the interest you pay on your mortgage).
Kyle
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08-08-2006, 07:54 PM
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#17
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it'lldo
Platinum Member
Join Date: Aug 2005
Location: Hopkinsville, Ky
Posts: 2,543
It'll Do - 2004 , 29'--Fountain
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Re: Will Fountain build or has built...
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Originally Posted by kswest
If you have a loan on your boat and your boat meets the requirements about (sleeping, eating, crapping) you can write off the interest you pay on the loan as interest on a secondary residence (just as you write off the interest you pay on your mortgage).
Kyle
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Does a 29 fall in that category?
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08-08-2006, 08:58 PM
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#18
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Registered
Join Date: Mar 2005
Posts: 17
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Re: Will Fountain build or has built...
If you've got the stuff mentioned in the prior post you'll be in good shape.
To be sure, you should check with your tax attorney.
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08-08-2006, 09:08 PM
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#19
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Registered
Join Date: Mar 2006
Location: Washington, DC
Posts: 329
Donzi 28ZX
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Re: Will Fountain build or has built...
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Originally Posted by itilldo
Does a 29 fall in that category?
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Size doesn't matter. Just has to have ....
Quote:
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Just need to have the loan secured by the value of the boat, include a space for sleeping, an enclosed head, and place to prepare food. A portipotty in the cabin is all that will be necessary but prepare food is open to interpretation. The factory does not include anything more than a sink and cooler.
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08-09-2006, 07:42 AM
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#20
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Platinum Member
Platinum Member
Join Date: Jun 2005
Location: Tulsa, Oklahoma / GLOC
Posts: 3,234
Sold the Cafe' and boatless for now.....
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Re: Will Fountain build or has built...
Quote:
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Originally Posted by itilldo
Does a 29 fall in that category?
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Yes, I do it with my 29'. 
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