Tax question
#1
Registered
Thread Starter
Join Date: Nov 2003
Posts: 50
Likes: 0
Received 0 Likes
on
0 Posts
Tax question
I'm sure some of you have your boats paid for, but for those of you that have them financed, how many are writing off the intrest paid through the year and if so, how big is your boat? I'm not sure what the guide lines are for this. Could some one shed some light on this?
#2
Platinum Member
Platinum Member
Join Date: Sep 2004
Location: Colts Neck, NJ
Posts: 389
Likes: 0
Received 0 Likes
on
0 Posts
Re: Tax question
I don't finance my boat, but I know from past years experience was if the Boat had a kitchen and a bed it can be considered a second Home and therefore the interest was tax deductable on the Federal level.
#3
VIP Member
VIP Member
Re: Tax question
If you can:
1. Cook on it
2. Sleep on it
3. Go to the bathroom on it.
You can claim it as a second residence and deduct the interest.
1. Cook on it
2. Sleep on it
3. Go to the bathroom on it.
You can claim it as a second residence and deduct the interest.
__________________
Happily retired and living in Heavens waiting room.
Happily retired and living in Heavens waiting room.
#4
Registered
Join Date: Nov 2002
Location: Bonita Springs, Florida
Posts: 3,029
Likes: 0
Received 1 Like
on
1 Post
Re: Tax question
Kitchen can be a portable coleman stove.
Bathroom can be a portable potty that you can carry on and off(fully loaded).
If you already have mortgages on two homes you cannot write off a thrid.
If you get audited all three better be in line and the first two on board.
Bathroom can be a portable potty that you can carry on and off(fully loaded).
If you already have mortgages on two homes you cannot write off a thrid.
If you get audited all three better be in line and the first two on board.
#5
Registered
iTrader: (2)
Re: Tax question
Here's a queston,
My house is in my Fiance's name. I have a boat that is financed that would qualify as a second home. I would think i would need a "first" home to write it off ?? or can i still write it off ??
we will be married in April, so i would think i should start being able to write the boat off as a second home come next tax season?? And do we need to get my name officially on the house note ??
thanks, not very knowlegable on how all this works.
My house is in my Fiance's name. I have a boat that is financed that would qualify as a second home. I would think i would need a "first" home to write it off ?? or can i still write it off ??
we will be married in April, so i would think i should start being able to write the boat off as a second home come next tax season?? And do we need to get my name officially on the house note ??
thanks, not very knowlegable on how all this works.
#6
Registered
Join Date: Oct 2000
Location: Wilmington,De,USA
Posts: 813
Likes: 0
Received 0 Likes
on
0 Posts
Re: Tax question
Originally Posted by hi-perf-2000
Here's a queston,
My house is in my Fiance's name.
My house is in my Fiance's name.
#7
Platinum Member
Platinum Member
Re: Tax question
Originally Posted by craig223
If you can:
1. Cook on it
2. Sleep on it
3. Go to the bathroom on it.
You can claim it as a second residence and deduct the interest.
1. Cook on it
2. Sleep on it
3. Go to the bathroom on it.
You can claim it as a second residence and deduct the interest.
A pillow
A bic lighter and
A bucket.
and write off the interest.