Luv-N-It,
Your lender should mail you form 1099, sometime before January 31 for the prior year that you paid interest. Or at least an interest paid statement. If you don't get this form, you may request it. Your lender may not be aware of the qualifications(believe it or not, some don't).

You must itemize your deductions on your 1040 'Schedule A' in order to take advantage of this clause.

On a side note,

Don't forget that you can ammend returns from prior years. So, if you haven't been deducting your boat mortgage interest and your boat qualifies, the IRS may be owing you thousands. Wouldn't that be nice.

Daze,
I've been deducting it as I itemize, but I never know where to put that amount of interest at for the line item it should be in. I know the past two years I've owned a boat, that I could deduct the interest, I think I've put the amount on the wrong line for the deduction.

I believe I have put the amount in someplace like "interest paid for a loan on a non-mortage loan?". May not sound right, but I think I have been putting the amount of interest in the wrong line item.

Guess I'll know if I get audited, huh?! Oh well.

I know what you mean.
It's sometimes too confusing...That's why I have been doing it online for years now. Just answer the questions, Click submit, pay 10 bucks and sit back and wait for that return!

Thanks dude. They make it confusing, so that, in my opinion, you give up.

I agree, I have stopped using accountants for the simple reason you have said, plus, Turbo Tax is nice too!!!!!

Why pay someone when you can do it yourself.

I just talked to my CU a couple days ago. 6.25% basically. (If I did auto payment deduction from my checking. 6.5% if not.) I believe they'd loan 100%, at least they will on other things, like new vehicles, and boat loans are more similar to vehicles than mortgages.

The other thing is if you do a boat loan, it's like $50 to refi, and home equity is many times not that inexpensive, an appraisal costs more than that.

Good luck! Oh, and speed seems to get more expensive on an exponential scale. After 70-80 mph and 30' of boat, it goes up in much larger incriments.

Use the $20k for a big OSO party with open bar and finance the boat....is that what you were thinking? Or am I wrong? LOL!

Hell Yeah,I have lots of other things I would rather spend it on then a dwn.pymt.Ever here of Coastline Finacial?They adv.no dwn pymts. 20 year notes,no prepay penalties and 6.25%