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Old 02-03-2009 | 08:13 PM
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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.
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Old 02-03-2009 | 10:07 PM
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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!
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Old 02-03-2009 | 11:16 PM
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Originally Posted by 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!
so what if you were to plaster the company name on the side in vinyl? then it's advertising...
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Old 02-06-2009 | 02:45 PM
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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?
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Old 02-06-2009 | 04:14 PM
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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.
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Old 02-25-2009 | 11:22 AM
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Originally Posted by joep29
so it seems that I just need to throw a microwave down there and i'm set! My bank did not send me any type of year end or interset statement for my installment loan, guess I need to call them! thanks for your help!!!
I had to call my bank and request they send me a letter just for back up. Pretty easy to do.
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Old 02-25-2009 | 12:22 PM
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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.
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Old 02-25-2009 | 01:37 PM
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Originally Posted by 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.
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.
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Old 02-28-2009 | 12:24 AM
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Write it off as a second home every year I have had a boat all the way back to my 19' Wellcraft
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Old 03-01-2009 | 07:44 AM
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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.
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