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Tax time... can I write the boat off?

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Old 03-27-2005, 06:28 PM
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Cool Tax time... can I write the boat off?

Well, I'm trying to get all my stuff in order for the accountant and I'm wondering what it takes to write the boat off? I have a pump-out porta potty (bathroom), a sink and a propane magna grill (kitchen) and a v-berth (bedroom). Am I covered?

Thanks,
Wiz
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Old 03-27-2005, 06:34 PM
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Default Re: Tax time... can I write the boat off?

Wiz,
You're in fine shape. There was a thread on here not too long ago about this topic. Do a search and you should be able to find it. Based on your explanation, it sounds like you'll be able to write off your interest paid for your boat .
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Old 03-27-2005, 06:35 PM
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Default Re: Tax time... can I write the boat off?

Take a look on this thread. Good luck!!

http://www.offshoreonly.com/forums/s...ight=tax+write
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Old 03-27-2005, 06:42 PM
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Default Re: Tax time... can I write the boat off?

As long as you sleep, eat(cook) and sh!t on it for a few days you're good to go. Nice having a second home that makes noise isnt it
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Old 03-27-2005, 07:19 PM
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Default Re: Tax time... can I write the boat off?

I think you have to stay in it 30 days a year and it counts as a second home. I live on the water and I sleep (pass out ) in my boat that much, we have wrote off ours every year.
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Old 03-27-2005, 08:25 PM
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Default Re: Tax time... can I write the boat off?

Write the interest on the loan off only.
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