Tax deduction?
 

Has anyone tried to claim their fountain as a second home for a tax deduction?

Yep, but only the interest on the Mortgage is deductible if your situation qualifies you for second home status.

Carder

It probably qualifies. It's got a porch on the front and a deck on the back. :D :D



Seriously, you need to have:
"sleeping quarters"
"galley"
"bathroom facility"

... and a correctly structured loan (i.e. boat/installment loan, NOT financed with Home Equity).
And, you do not actually have to own a "first" home to have a 2nd/vacation home (i.e. your primary residence is a rental, and you have a boat that qualifies).

"sleeping quarters" V-berth qualifies
"galley" hotplate/microwave qualifies
"bathroom facility" mounted porta-potty/pump out head qualifies

Carder is exactly right. I do it everyear, and it's 100% legal if your boat has a bathroom and some sort of a sink, bed.. (per my CPA).

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!!!

Yep, you ought to be able to get the amount just by calling them.

claim mine every year...

Hey we all pay so damn much for these toys..the government can help us out in a small way, right!:ernaehrung004:

joep29;
you don't need a microwave to qualify, a countertop or cooler/fridge is more than enough.

Carder

Besides, if you added a microwave you'd have to worry about your friends with pacemakers!!!

I dont do the second home thing but I do claim it as business entertainment expense. Therefore, a portion of the payment, the gas and beer are written off.

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!!!! :ernaehrung004:
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.:ernaehrung004:

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...

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?

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.

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

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.

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

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.

I believe one can only take the deduction if it is claimed as a "second home"...thus one must own their primary home.
:ernaehrung004: