Tax season around corner, Deduction?
 

Well I have a 25' Larson Senza Spectra
As you can see it has a camper top that fits the Arch
Porta potty, Sink what else do I need to make this
Deductable?
I have room for a small potable stove and adding shorepower
would be easy. But a fridge is out.


ps the windshield is painted on "no glass"
and you can drive it with the top up Mind you I would'nt
go very fast:D

Here's the scoop:

Under IRC section 163 (h)(2) a taxpayer may
deduct any qualified interest on a qualified residence,
which is defined as a principal residence and one
other residence owned by the taxpayer for purpose of
deductibility for the tax year. IRC section 163 (h)(3)
defines qualified residence interest as any interest
which is paid or accrued during the tax year on
acquisition or home equity indebtedness with respect
to any qualified residence of the taxpayer.

In accordance with IRC section 163 (h)(4), a boat will
be considered a qualified residence if it is one of the
two residences chosen by the taxpayer for purposes
of deductibility in the tax year as long as it provides
basic living accommodations such as sleeping space
(berth), a toilet (head), and cooking facilities (galley).
If the boat is chartered out, the taxpayer will have to
use the boat for personal purposes for either more
than 14 days or 10% of the number of days during the
year the boat was actually rented, in accordance with
IRC section 280A (d)(1).

Add the stove and it looks like you'd be all set.

This has been hashed out before on lots of threads. I think the most pertinent thing I have ever heard is this from a tax attorney:

If you have a boat and you go in for an audit you will not have it with you. Your auditor will ask you "Do you have a bed?" Yes "Does it have restroom facilities?" Yes 'Does it have cooking facilities?" Yes.

There ya go-his experience was that an auditor never actually looked at the boat so your answers are all that count.

You got one of those little gas grills??? That is what I use. Been claiming my boats for years now.

Thanks!!!!

I guess I need to find a new accountant. The guy I used last year wouldn't do it.

Yes and you overnight more than I do
but thats going to change. If I stay on the boat
its leaves more cash to go out to dinner at Cavallaro's every
night! Hell if Im not getting a nice big bed I better get a good
meal, can't do any fancy cooking on a 25' boat :D

I've also been deducting the interest on my boats for years...
1)Berth
2)Portocrapper
3)porto grill that stays on board

Right on DJ, my boat really is my second home in the summer. I do have a portable grill, but I don't keep it on board. I'ts easier to keep it on the truck and cook on the tailgate. Got a portocrapper to, that is off-limits!
Have you discussed your new plans with Monica yet? ;) Staying on the boat is half of the fun! And the dock parties are fun to.
Hopefully I'll see more of you at Keewaydin next year.