boathead

Bastards are saying I can't write off my boat as a second home because it's not the right kind of loan, now they're going to jam it up my ass with interest, penalties, etc., and they took their sweet time finding it so I can pay even more interest. They make Osama look like a choirboy. I want to fight them on it, but in the end I'll just have to pay and pay and pay .

bucky

Man that sucks. Can you share with us what type of loan you are supposed to have? I'm getting ready to use that con on my wife so she will agree to a better ride and I don't want to get caught up in the same mess. Thanks.

boathead

They said mine is a consumer loan, guess it should be a mortgage to be deductible on Schedule A. Funny thing is I had my taxes done by HR Block to avoid any problems with the DAMN IRS, they should have caught this, I was better off doing them myself!!! Also, I've been saving all my receipts when I stay at the marinas, you're supposed to prove you overnighted on the boat at least 10? nights to qualify.
Good Luck,
Paul

Audiofn

STAY AWAY FROM HR BLOCK and all the other mass Tax prep people!!!! They make tons of mistakes and they are just a paper pushing company. I have a guy that does mine and he is great. I tell him to go conservative as I could never withstand a audit, my paper keeping skills have something to be desired!!! Anyhow that sucks man hope you find a way out of it.

Jon

Mr Gadgets

Hey boathead,
That sucks!! But I was under the impression that if you met IRS guide lines you could write off your boat loan interest. Like you say, kitchen area down below and stove and stay on it so many nites.. but I always park on the beach, so no receipts.. I would find a good tax lawyer and ask them what gives. Is this complaint for the tax year for 2001? Or is it on past years?
I heard the IRS was getting their teeth back, budget deficets make them hungry.. It would be good for all of us to know what the situation is..
Thanks

Dick

arks

Try to find a tax preparer that has experience with boat-related deductions (they ARE out there). It took me almost a year, but it was worth it, because they can set everything up legally. As I recall, the boat is considered the "vacation home", so if you already have a second home, the boat can't be (legally) deducted. I'm surprised the consumer loan would make it illegal. It shouldn't matter where the money comes from, but rather the legal description of the boat (and if that description makes it qualify as a vacation home). DON'T 'CHA JUST LOVE OUR GOOD OLD IRS??

boathead

I think I'm going to fight the bastards, it's bull**** that they kinda make up the rules as they go, but the only thing is, they'll be on my ass for the rest of my life. I would hate to see any of my fellow boaters go through this, so... I'm PUTTIN' THE GLOVES ON!!!! Come get me you IRS pencil pushers
You just F*$%ed with the wrong guy!!! Just gotta find a good tax shyster.
Dick,
it's actually for the loan on my old 29', I just refinanced the Avenger, but who knows what they'll do to me on that one!!!

boathead

Get A Load of This, it's from the IRS's own FAQ page! Doesn't seem to say A DAMN THING ABOUT CONSUMER LOANS not being eligible, does it?


I bought a 5th wheel for vacationing. Can I deduct the interest on the loan for this 5th wheel? Where would it be listed?
If the loan is secured by the fifth wheel you can claim interest on this loan only if the fifth wheel meets the requirements of a qualified home and is considered your second home. A qualified home includes a house, condominium, cooperative, mobile home, boat or similar property that has sleeping, cooking and toilet facilities. You can only have one principal residence and only one qualified second home. The interest is deducted on Form 1040, SCHEDULE A, Itemized Deductions, as mortgage interest on line 10 or 11.

References:
Publication 936, Home Mortgage Interest Deduction
Tax Topic 505, Interest expenses

[ 01-27-2002: Message edited by: boathead ]

[ 01-27-2002: Message edited by: boathead ]

boathead

Troutly,
No, I only have one boat and one house, whaddaya think I'm Jed Clampett or something?? But, you do bring up a good point , maybe they THINK I have two boats or something and am trying to write 'em both off as a second home? This hassle is from my old loan on my previous boat, which I traded in on the Big Dick Avenger. I meet all the other criteria according to their own web page.
Hey, you gonna get a hold of me in Miami???

boathead

Looks like I've got a case, I'm asking the same question on the IRS website, interested to see what kind of answer they're going to give me, maybe I can skewer 'em with their own reply, that would be cool !