Re: is your boat paid off or on a loan ?
 

45% is very GOOD return ! Be careful , as the old saying goes in trading "Pigs get fat, hogs get slaughtered"
:drink: :drink:

Re: is your boat paid off or on a loan ?
 

OinK Oink :drink:

Re: is your boat paid off or on a loan ?
 

Mines paid for.

Payments = like being married, at least once a month she's into your checkbook no matter if you use her or not. :)

Re: is your boat paid off or on a loan ?
 

Mine is financed. A boat qualifies as a second home if it has sleeping, cooking and bathroom facilities. Thats the IRS guideline and you do not need spend any certain number of nights on it. If you don't have another second home, the boat qualifies and interest is tax deductible. After the tax deduction, I'm really only paying about 4% interest. It makes no sense for me to pay it off at this point in time.

Re: is your boat paid off or on a loan ?
 

I'm surprised almost 52% of boats are paid for!

Re: is your boat paid off or on a loan ?
 

I thought 14 nights was a requirement? Not that they could track it any way.

Re: is your boat paid off or on a loan ?
 

This is all I have ever seen about the interest deduction. As long as you are not renting out a second home part of the time, there is no required minimum use of the second home.

From Publication 936:

"You can deduct your home mortgage interest only if your mortgage is a secured debt. A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) that:

*Makes your ownership in a qualified home security for payment of the debt,

*Provides, in case of default, that your home could satisfy the debt, and

*Is recorded or is otherwise perfected under any state or local law that applies."

and a qualified home is defined as:

"For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.

The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business, investment, or other deductible purposes. Otherwise, it is considered personal interest and is not deductible.
Main home. You can have only one main home at any one time. This is the home where you ordinarily live most of the time.

Second home. A second home is a home that you choose to treat as your second home."

http://www.irs.gov/pub/irs-pdf/p936.pdf

Re: is your boat paid off or on a loan ?
 

mine is financed with a coventional boat loan, I dont have cooking facilities on the boat (I suppose a hot plate could qualify)

This may be a stupid question but would I still get to deduct the interest if I already have rental property that I deduct?

Re: is your boat paid off or on a loan ?
 

YES!!!!! You can also buy a small, portable Coleman stove to keep onboard. :cool:

Re: is your boat paid off or on a loan ?
 

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