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-   -   Who Uses Thier Boat As A Write Off? (https://www.offshoreonly.com/forums/general-boating-discussion/98548-who-uses-thier-boat-write-off.html)

FASTERDAMITT 03-17-2005 01:32 PM

Who Uses Thier Boat As A Write Off?
 
How's it done? What are you supposed to have in the cabin? Does it have to be written on the bill of sale when purchasing? :)

CigDaze 03-17-2005 01:34 PM

Re: Who Uses Thier Boat As A Write Off?
 
What kind of write-off are you asking about?

If you use the boat for commercial purposes, like fishing charters, joy rides, etc., yes it can be considered a business expense.

If you have a place to sleep, cook, and go to the bathroom, you can write off the interest paid on a loan secured by the boat, as second home mortgage interest(provided you don't already claim two homes). See IRS Publication 936 for more info.

Waterfoul 03-17-2005 01:35 PM

Re: Who Uses Thier Boat As A Write Off?
 
I"ve been writing off the interest on mine for 10 years now. Geez, that means I'll own it in 4 more years.... anyway, I list it on the itemization sheet as "second home/boat" and simply add in the interest.

The qualifications have changed over the years, but they were:

Must be sleeping quarters on board.
Pump out head
Must be able to prepare a meal on board.
Must spend minimum of 10 nights on board

I believe the 10 nights thing has gone by the wayside. And I'm not so sure about the pump out anymore. I figure if they haven't asked me about it yet, they aren't going to.

FASTERDAMITT 03-17-2005 01:44 PM

Re: Who Uses Thier Boat As A Write Off?
 
Good info guys. I have a business but I was referring to as a second house. I may sell the business.
Can you do it at any time or only when it's purchased? What about sales tax? Any way to write it off as well?

DollaBill 03-17-2005 01:48 PM

Re: Who Uses Thier Boat As A Write Off?
 
:)

CigDaze 03-17-2005 01:48 PM

Re: Who Uses Thier Boat As A Write Off?
 
Straight from Pub 936:

"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, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities."

No more, no less...the above paragraph alone determines qualifications.

CigDaze 03-17-2005 01:49 PM

Re: Who Uses Thier Boat As A Write Off?
 
Quote:

Originally Posted by FASTERDAMITT
Good info guys. I have a business but I was referring to as a second house. I may sell the business.
Can you do it at any time or only when it's purchased? What about sales tax? Any way to write it off as well?

Every year that you pay interest on a loan.

Sales tax can be deducted in some states by way of a new code for 2004. I was able to take advantage of the sales tax I paid for the purchase of my boat in '04.

Ms PatriYacht 03-17-2005 02:23 PM

Re: Who Uses Thier Boat As A Write Off?
 
we write off the interest every year just like it says in the posts above

stecz20 03-17-2005 03:19 PM

Re: Who Uses Thier Boat As A Write Off?
 
i wirite off the interest as well.....

FASTERDAMITT 03-17-2005 03:21 PM

Re: Who Uses Thier Boat As A Write Off?
 
So I guess you can only use a primary home and a secondary home. No third, right?


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