boat as second home on taxes
04-13-2006, 03:39 PM
#11
Geronimo36
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Re: boat as second home on taxes
Originally Posted by PatriYacht
Call your bank and have them send you a statement showing the interest paid.
I was also able to included the sales tax paid. I believe they took which ever was higher, the sales tax or state income tax paid?? In my case the sales tax was higher.
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04-14-2006, 12:01 PM
#13
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Re: boat as second home on taxes
Originally Posted by Jerry B
I'm no expert on this but i think sometimes a home equity loan interest rate can be lower than a conventional boat loan. If you were to refinance to a home equity loan the interest is tax deductible even if you buy dirt.
I do know that under a conventional loan the boat does have to qualify and supposidly you have to spend x many number of nights a year on it but who would know.
Check it out for yourself. My 2cents worth.
Jerry.
I do know that under a conventional loan the boat does have to qualify and supposidly you have to spend x many number of nights a year on it but who would know.
Check it out for yourself. My 2cents worth.
Jerry.
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