Who Uses Thier Boat As A Write Off?
 

How's it done? What are you supposed to have in the cabin? Does it have to be written on the bill of sale when purchasing? :)

Re: Who Uses Thier Boat As A Write Off?
 

What kind of write-off are you asking about?

If you use the boat for commercial purposes, like fishing charters, joy rides, etc., yes it can be considered a business expense.

If you have a place to sleep, cook, and go to the bathroom, you can write off the interest paid on a loan secured by the boat, as second home mortgage interest(provided you don't already claim two homes). See IRS Publication 936 for more info.

Re: Who Uses Thier Boat As A Write Off?
 

I"ve been writing off the interest on mine for 10 years now. Geez, that means I'll own it in 4 more years.... anyway, I list it on the itemization sheet as "second home/boat" and simply add in the interest.

The qualifications have changed over the years, but they were:

Must be sleeping quarters on board.
Pump out head
Must be able to prepare a meal on board.
Must spend minimum of 10 nights on board

I believe the 10 nights thing has gone by the wayside. And I'm not so sure about the pump out anymore. I figure if they haven't asked me about it yet, they aren't going to.

Re: Who Uses Thier Boat As A Write Off?
 

Good info guys. I have a business but I was referring to as a second house. I may sell the business.
Can you do it at any time or only when it's purchased? What about sales tax? Any way to write it off as well?

Re: Who Uses Thier Boat As A Write Off?
 

:)

Re: Who Uses Thier Boat As A Write Off?
 

Straight from Pub 936:

"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."

No more, no less...the above paragraph alone determines qualifications.

Re: Who Uses Thier Boat As A Write Off?
 

Every year that you pay interest on a loan.

Sales tax can be deducted in some states by way of a new code for 2004. I was able to take advantage of the sales tax I paid for the purchase of my boat in '04.

Re: Who Uses Thier Boat As A Write Off?
 

we write off the interest every year just like it says in the posts above

Re: Who Uses Thier Boat As A Write Off?
 

i wirite off the interest as well.....

Re: Who Uses Thier Boat As A Write Off?
 

So I guess you can only use a primary home and a secondary home. No third, right?