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Re: Will Fountain build or has built...
Originally Posted by pachangalpina
Just need to have the loan secured by the value of the boat, include a space for sleeping, an enclosed head, and place to prepare food. A portipotty in the cabin is all that will be necessary but prepare food is open to interpretation. The factory does not include anything more than a sink and cooler.
The other option is a home equity loan. The thing that most people miss is having the loan secured by the vessel. |
Re: Will Fountain build or has built...
Seems like a really good option for Fouyntain to add to their larger boats. My 27 only has the bench and a bed and thats all I would ever use!
I mean does anyone actually use all that stuff in the cabin??? I only go in the cabin to ^%#* and sleep. Don't need any sinks, tv, microwaves, fans.>>>> Just more crap to break. WILL :drink: |
Re: Will Fountain build or has built...
I am getting ready to make a loan on the difference between my 27 and a 35, do I need to do anything different to take the deduction at the time of making the loan. :evilb:
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Re: Will Fountain build or has built...
Originally Posted by 27 redline fvr
I am getting ready to make a loan on the difference between my 27 and a 35, do I need to do anything different to take the deduction at the time of making the loan. :evilb:
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Re: Will Fountain build or has built...
Originally Posted by kswest
No you do it on your taxes at the end of the year granted your boat meets the above requirements.
can you explain this a little more. Myabe I'm missing tax break out there |
Re: Will Fountain build or has built...
Originally Posted by itilldo
can you explain this a little more. Myabe I'm missing tax break out there
Kyle |
Re: Will Fountain build or has built...
Originally Posted by kswest
If you have a loan on your boat and your boat meets the requirements about (sleeping, eating, crapping) you can write off the interest you pay on the loan as interest on a secondary residence (just as you write off the interest you pay on your mortgage).
Kyle Does a 29 fall in that category? |
Re: Will Fountain build or has built...
If you've got the stuff mentioned in the prior post you'll be in good shape.
To be sure, you should check with your tax attorney. |
Re: Will Fountain build or has built...
Originally Posted by itilldo
Does a 29 fall in that category?
Just need to have the loan secured by the value of the boat, include a space for sleeping, an enclosed head, and place to prepare food. A portipotty in the cabin is all that will be necessary but prepare food is open to interpretation. The factory does not include anything more than a sink and cooler. |
Re: Will Fountain build or has built...
Originally Posted by itilldo
Does a 29 fall in that category?
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