tax write off
 

i've been told i may be able to get some tax advantages from my boat. 1999 353 fastec. anyone have any info on this, spoke briefly with my acct and he seemed to not know what i was speaking of

Thanks Bernie

Re: tax write off
 

Don't hold me 2 this exactly but the boat is like a second mortgage if U have 1 other home. The interest should B able 2 be claimed since it is a boat w/ living stuff like fridge, head, sink, etc. good luck

Re: tax write off
 

I'm pretty sure if you can sleep on it, and it has a head (porta-pottie), sink and stove you're all good? I think a single burner alcohol unit somewhere will do the trick btw...

Re: tax write off
 

I claim mine as a second home and write off all of the interest paid on it. As long as it has a bed, sink, toilet, and you can cook. If you throw a microwave down there, it counts according to my CPA.

Re: tax write off
 

Bernie,

If you have any questions give me a call. I was able to write off the taxes I paid on the purchase as well as the intrest on the loan as a second home.

As for the taxes, you can take which ever is higher. (sales tax or SIT)

Frank

Re: tax write off
 

If the information above doesn't help, pm me and I can answer any questions you may have. I own an accounting firm here in VA.

Re: tax write off
 

Bernie can drink but he cant cook :drink:

Re: tax write off
 

I wrote off the interest on a number of cruisers we had in years past. I think the cooking surface has to be something factory installed but check that for yourself. The 353 meets all the other requirements as stated above.

BTW: I'd write it off either way, the IRS is going to assume a 35 footer has those things anyway.

Re: tax write off
 

What he said :D

Re: tax write off
 

Did you not write off the Scarab when you had it?

Buck

Re: tax write off
 

thanks all...no BUCK i didnt write off scarab...had no sink or fresh water so i knew i was SOL !! i have wrtten of sales taxes paid in the past but never anything to do with interest as a 2nd home

Re: tax write off
 

At the end of the year call up the bank and ask them to send you an intrest statement. It took me 5-10 minutes tops. You don't necessarily need the statement when filing though. You can call them and ask for the figures but, I liked having a statment in-hand that I gave to my CPA.

Frank

Re: tax write off
 

It concerns me that your CPA didn't seem to know what you were talking about. Maybe you should talk to someone else...like ThruHull. Who knows what else your CPA could be missing?

Good luck with it.

Re: tax write off
 

Remember, U can cook w/ a match!!!

Re: tax write off
 

I can't unde restand how you have any tax problems at all considering how little FRED pays you.

Re: tax write off
 

has to over 21 foot - sink and a toilet

cooking surface is not a requirement to be able to write of the interest as a 2nd home.

Atleast thats what my guy has told me.

Re: tax write off
 

See page two under "Qualified Home" http://www.irs.gov/pub/irs-pdf/p936.pdf

http://www.boatus.com/gov/f3.htm

http://www.discoverboating.com/buyin...taxdeduct.aspx

Re: tax write off
 

Like he said! I write mine off every year........

Re: tax write off
 

look whos talkin.

Re: tax write off
 

I am sort of in the market for a 353 Fastech. You could donate it to me and I will give you a write off.:rolleyes:

Re: tax write off
 

[QUOTE=t500hps;1997217]I think the cooking surface has to be something factory installed but check that for yourself. QUOTE]

A boat does not need to have a factory installed cooking surface to be deductible. As mentioned above, all it needs to have is a bed, a head, and a portable propane stove. It is then treated as a second residence in which only mortgage interest is deductible (sales tax if you elect to deduct sales tax instead of state income tax). One thing to mention, only interest paid on up to $1,000,000 of acquistion indebtedness is deductible. So if your mortgage on your main residence is $900,000, then only interest paid on $100,000 of your boat loan is deductible.

Re: tax write off
 

I would have.

Wrote off my 26 Scarab the three years I owned it with no problems. Like mpally said, it doesn't have to have a factory installed cooking surface. I had a V-Berth and a porta potti. I was covered.

Buck

Re: tax write off
 

Bern, your CPA needs to get out more.....

I'd find a new one, what other well known opportunities is he missing- we're just a bunch of fun loving boaters- it's his JOB to know this and make you aware of it. There are peeps who can help and peeps who fill out forms based on what you tell them:rolleyes:

Re: tax write off
 

On another boat forum a CPA basically said that as long as the boat is fairly large, over 20 foot or so and has some type of cover, cabin, etc. then you would be fine. He also said that if you were asked during an audit you would say that it has eating, sleeping, and cooking facilities and that he has never heard of an auditor leaving the office to look at a boat :rolleyes: .

Re: tax write off
 

Make my payments, and you cah have the deductions:evilb: :drink:

Re: tax write off
 

Mr auditior, "My boat has sleeping, cooking and bathroom facilities"

If they wanna see it, "its at the lake in storage about 350 miles away"

Re: tax write off
 

Ed Zachery!!!!

Re: tax write off
 

My recomendation would be to tell the truth !!!!!!!!!

That way if they want to get nasty, you do not have to worry.

Re: tax write off
 

I stand by my previous post,all the other posts are meaningless as I know FRED (Bernie's boss) for a long time and based on past performance from FRED I would guess BERNIE should check on food stamps instead of writeoffs.:evilb: :evilb: :evilb: