Like Tree0Likes

Boat Finance(rate)

Reply
Old 06-27-2002, 12:21 AM
  #1
Registered
Thread Starter
 
Join Date: Oct 2001
Location: Tampa,Fl.
My Boats: 2001 26 ZX DONZI 496HO
Posts: 1,124
Post Boat Finance(rate)

What are the current rates on a 100k over 20 years?I also want to know if lenders will go 100% with excellent credit.I have 20k for down ,but would rather use it to clean my slate.DAMN ,SPEEDS EXPENSIVE!!!!!
Donzi Corleone is offline  
Reply With Quote
Old 06-27-2002, 01:35 AM
  #2
Uncle Toys
Guest
 
Posts: n/a
Default

Refi the house and make it deductable! Then you get thirty years
 
Reply With Quote
Old 06-27-2002, 09:10 PM
  #3
Registered
Thread Starter
 
Join Date: Oct 2001
Location: Tampa,Fl.
My Boats: 2001 26 ZX DONZI 496HO
Posts: 1,124
Post

Yeah,but the wife doesn`t see it that way.It`s a toy she says your not burying the house under that.
Donzi Corleone is offline  
Reply With Quote
Old 06-27-2002, 09:17 PM
  #4
Member #2 ....Jeeezz
Charter Member
 
cigarette1's Avatar
 
Join Date: Oct 2000
Location: Kicked to the curb
My Boats: Toy Boat - Toy Boat - Toy Boat
Posts: 2,345
Default

If it has a sink, head and a portable stove, you can deduct it
cigarette1 is offline  
Reply With Quote
Old 06-28-2002, 09:15 AM
  #5
Platinum Member
Platinum Member
 
CigDaze's Avatar
 
Join Date: Jun 2001
Location: St. Petersburg, FL
My Boats: Cigarette 35 Cafe Racer
Posts: 21,346
Default

You don't need a sink.

You need an (1)enclosed place to sleep, (2)a pisser, and (3)cooking facilities, then it's deductible as second home mortgage interest.
CigDaze is offline  
Reply With Quote
Old 06-28-2002, 10:32 AM
  #6
VIP Member
Platinum Member
 
wwwTOPDJcom's Avatar
 
Join Date: Mar 2002
Location: Vestal/Binghamton NY
My Boats: 1992 450hp Senza Spectre 25'
Posts: 3,477
Default

ok I have the cuddy, sink and the porta potty what kind of stove qualifies single burner ok or will a mini microwave do
this is a 25 footer so room is tight
wwwTOPDJcom is offline  
Reply With Quote
Old 06-28-2002, 10:57 AM
  #7
Platinum Member
Platinum Member
 
CigDaze's Avatar
 
Join Date: Jun 2001
Location: St. Petersburg, FL
My Boats: Cigarette 35 Cafe Racer
Posts: 21,346
Default

TOPDJ,

Any one of those will qualify...The IRS code is very vague. It literally says "cooking facilities." Hell, a portable grill will even work.
CigDaze is offline  
Reply With Quote
Old 06-28-2002, 11:03 AM
  #8
Platinum Member
Platinum Member
 
CigDaze's Avatar
 
Join Date: Jun 2001
Location: St. Petersburg, FL
My Boats: Cigarette 35 Cafe Racer
Posts: 21,346
Default Publication 936

Here, I looked it up for our reference.
This is straight from our beloved I.R.S.

"For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, boat, or similar property that has sleeping, cooking, and toilet facilities.

If you buy a lot and place the manufactured home on it, the interest paid for the lot would be qualifying home mortgage interest, provided that it was secured by the house."
CigDaze is offline  
Reply With Quote
Old 06-28-2002, 11:10 AM
  #9
Registered
 
Luv-N-It's Avatar
 
Join Date: Jun 2002
Location: Central Ohio
My Boats: 1996 Baja 272
Posts: 910
Default

Daze,
Stupid question. Needs asked. When I fill out the tax form where line item is for mortgage interest, where do I put the interest amount I am going to deduct for my boat? Do I put the amount of interest on the line second mortgage or what?

Sure would appreciate the help.
Luv-N-It is offline  
Reply With Quote
Old 06-28-2002, 11:21 AM
  #10
VIP Member
Platinum Member
 
wwwTOPDJcom's Avatar
 
Join Date: Mar 2002
Location: Vestal/Binghamton NY
My Boats: 1992 450hp Senza Spectre 25'
Posts: 3,477
Default

so this boat loan qualifies I just have to get a interest statement
I think a 1099 from the lender I really need the deduction
the boat loan is 19.95% interest quite a few grand in interest
wwwTOPDJcom is offline  
Reply With Quote
Reply

Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
bimmerboy318
Insurance and Finance
22
07-16-2008 11:40 PM
RollWithIt
Insurance and Finance
6
03-10-2007 04:27 AM
moviemoney
General Boating Discussion
13
07-28-2006 02:29 PM
Outkast Rafe
General Boating Discussion
1
08-24-2005 09:04 AM
StrikinLightnin
General Boating Discussion
19
05-27-2003 03:10 PM



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 07:54 AM.


Copyright 2011 OffShoreOnly. All rights reserved.