Donzi Corleone

What are the current rates on a 100k over 20 years?I also want to know if lenders will go 100% with excellent credit.I have 20k for down ,but would rather use it to clean my slate.DAMN ,SPEEDS EXPENSIVE!!!!!

Uncle Toys

Refi the house and make it deductable! Then you get thirty years

Donzi Corleone

Yeah,but the wife doesn`t see it that way.It`s a toy she says your not burying the house under that.

cigarette1

If it has a sink, head and a portable stove, you can deduct it

CigDaze

You don't need a sink.

You need an (1)enclosed place to sleep, (2)a pisser, and (3)cooking facilities, then it's deductible as second home mortgage interest.

wwwTOPDJcom

ok I have the cuddy, sink and the porta potty what kind of stove qualifies single burner ok or will a mini microwave do
this is a 25 footer so room is tight

CigDaze

TOPDJ,

Any one of those will qualify...The IRS code is very vague. It literally says "cooking facilities." Hell, a portable grill will even work.

CigDaze

Here, I looked it up for our reference.
This is straight from our beloved I.R.S.

"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, boat, or similar property that has sleeping, cooking, and toilet facilities.

If you buy a lot and place the manufactured home on it, the interest paid for the lot would be qualifying home mortgage interest, provided that it was secured by the house."

Luv-N-It

Daze,
Stupid question. Needs asked. When I fill out the tax form where line item is for mortgage interest, where do I put the interest amount I am going to deduct for my boat? Do I put the amount of interest on the line second mortgage or what?

Sure would appreciate the help.

wwwTOPDJcom

so this boat loan qualifies I just have to get a interest statement
I think a 1099 from the lender I really need the deduction
the boat loan is 19.95% interest quite a few grand in interest