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Old 01-18-2007, 10:07 AM
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Default 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
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Old 01-18-2007, 10:16 AM
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Default 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...
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Old 01-18-2007, 10:16 AM
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Default 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
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Old 01-18-2007, 10:21 AM
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Default 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.
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Old 01-18-2007, 10:27 AM
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Default 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
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Old 01-18-2007, 10:33 AM
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Default 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.
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Old 01-18-2007, 10:35 AM
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Default Re: tax write off

Bernie can drink but he cant cook
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Old 01-18-2007, 10:40 AM
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Default 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.
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Old 01-18-2007, 10:59 AM
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Default Re: tax write off

Quote:
Originally Posted by Sea-Dated View Post
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.
What he said
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Old 01-18-2007, 11:36 AM
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Default Re: tax write off

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

Buck
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