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Tax question

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Old 01-09-2005, 01:55 PM
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Question 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?
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Old 01-09-2005, 01:58 PM
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Default 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.
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Old 01-09-2005, 02:02 PM
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Default 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.
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Old 01-09-2005, 02:03 PM
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Default 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.
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Old 01-09-2005, 02:08 PM
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Default 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.
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Old 01-09-2005, 02:18 PM
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Default Re: Tax question

Quote:
Originally Posted by hi-perf-2000
Here's a queston,

My house is in my Fiance's name.
Better not piss her off, or you won't have to worry about a tax write-off.
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Old 01-09-2005, 02:29 PM
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Default Re: Tax question

Quote:
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.
Like we said before here is what you need:
A pillow
A bic lighter and
A bucket.

and write off the interest.
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Old 01-09-2005, 02:31 PM
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Default Re: Tax question

Quote:
Originally Posted by 96f350psd
...how big is your boat?
Forgot I have a 42.
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Old 01-09-2005, 02:36 PM
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Default Re: Tax question

Are you guys serious? A Colman stove qualifies as a kitchen? Can someone point me to something in writing so I can show my tax guy. He does not believe me.
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Old 01-09-2005, 02:41 PM
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Default Re: Tax question

If your tax guy doesn't believe you, then it sounds like you might need a new tax guy.
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