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Boat tax deductions

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Old 02-02-2003, 10:46 AM
  #11
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LOL

And thanks everyone for the advice..

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Old 02-03-2003, 10:33 AM
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mcollinstn,

You're right, a new accountant was in order, I moved on since. On the other side of the fence I assume she didn’t see many boat deductions in Colorado……………

I could saved a bunch of money on boat amenities if I had thought about using the ligher and bucket theory………
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Old 02-03-2003, 12:26 PM
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If you are in a position to do so, why not finance your boat with a home equity loan. Usually the rates on equity loans are lower than boat loans. Plus there is not question whether it is deductable or not.
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Old 02-03-2003, 01:12 PM
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If your boat meets the requirements for a deduction you don't need to use an equity loan to get the deduction, however a lower rate is nice.

If you can get the deduction on the boat, save the equity loan for something that otherwise doesn't get the deduction like a NEW truck.
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Old 02-03-2003, 03:54 PM
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I asked and they said they dont need to send me a 1098
but there is a line on the Itemize for interest paid with
out the 1098 it asked for the name and address of the lending
company and the amout paid that was allowed.


Im doing it , I slept a least 10 nights on my boat the only thing
I have to cook with is a mini cube microwave,
I have a sink w/ running water and a porta potti too

I hope thats good enough

Last edited by wwwTOPDJcom; 02-03-2003 at 06:23 PM.
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Old 02-03-2003, 04:32 PM
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DJ,
not an accountant, but I believe you are good to go!

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Old 02-03-2003, 05:45 PM
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It is a 1098 NOT 1099, 1099's are reported income such as tax returns from State returns.
Our Bank sends us a 1098 (yours will to0 if your boat qualify's and you request it) just like our Mortgage Comp. Call them and discuss it, or with a qualified Tax Advisor.
If you try to claim the amount without a 1098 you can not electronically file.

TOPDJ, that would be Line 11 on Schedule A.
Bryan

Last edited by Bryan Tuvell; 02-03-2003 at 06:03 PM.
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Old 02-03-2003, 06:33 PM
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yup your right I read Baja Daze reponse and assumed he was using the right number I should of trusted my first instinct
I didnt have my stuff at work when I replied to the post
The bank I had refused to send me one saying they aready did
and that they dont send copies, bunch of liers, I just
paid them off with a personal loan in Jan so the interst from
2002 is what Im claiming I have no form and will be just putting down the info they gave me along with the account number
and there address. I m sure they had to report the income they made on me. On the other hand the personal loan I took
out will not be deductable next year

Last edited by wwwTOPDJcom; 02-03-2003 at 06:37 PM.
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Old 02-03-2003, 06:58 PM
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TOPDJ, I have encountered similar situations in the past, hang up and call back, try someone different.
Another route is to Log into the bank online, print screen of interest paid, then claim on line 11.

I hear ya on next year, we refied to a 5.5% 15 on the house, I will miss allot of that interest, so some advance planning is instore for the '03 taxes.
Best of luck to you.
Bryan
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Old 02-03-2003, 07:13 PM
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well I just got off the phone with them, 1098 is out but I do have there fed Tax Id so thats going in the write it in section of line 11
along with there address . So I dont see why Irs can't put 2 and 2 together Im sure they have to report where and who they get interest income from.
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