JayFan

Keith are you serious? I would think that my be a HUGE red-flag for the IRS. It seems like you are asking for an audit... not that I would wish that on ya!!!!
I just feel writing some of it off as a second home is way more legit than writing of beer and gas. Just my 2 cents.

salesdeity

I was audited several years back because of another red flag. Everything was fine until they stumbled upon my boat deductions. I was told laws had changed and I could write off the lunch expenses if I took a customer out on it. Everything else was a no no. Good Luck!

phragle

iTrader: (3)

so what if you were to plaster the company name on the side in vinyl? then it's advertising...

Keith Atlanta

Just got back today from doing taxes. Still entertainment... Have done it it for 5 years, my accountant said no problem...
I think its more dangerous calling it a second home. Where are the interest and tax payments?

salesdeity

I am all about maiximizing my deductions but remember, the nice people in dark suits come to your house, not your accountants, when they have questions.

Big Time

I had to call my bank and request they send me a letter just for back up. Pretty easy to do.

Splitdecision271

What if you don't own a home or rent? I'm waiting for my parents to sell me their house, in the mean time I'm still living at home, yet I own a boat.

Big Time

No different, you can still write off the interest portion of the loan....at least that is my understanding. If anyone knows any differently, pls chime in.

35 fountain

Write it off as a second home every year I have had a boat all the way back to my 19' Wellcraft

GMcCreary

Here's a quote off the IRS website
Qualified residence interest is interest you pay on a loan secured by your main home or a second home. Your main home is where you live most of the time. It can be a house, cooperative apartment, condominium, mobile home, house trailer, or houseboat that has sleeping, cooking and toilet facilities.