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Re: boat as second home on taxes

Quote:

Originally Posted by PatriYacht

Call your bank and have them send you a statement showing the interest paid.

I did this last week and had no problems when filling out my return.

I was also able to included the sales tax paid. I believe they took which ever was higher, the sales tax or state income tax paid?? In my case the sales tax was higher.

Re: boat as second home on taxes

Where am I??? :eek: :drink:

Re: boat as second home on taxes

Quote:

Originally Posted by Jerry B

I'm no expert on this but i think sometimes a home equity loan interest rate can be lower than a conventional boat loan. If you were to refinance to a home equity loan the interest is tax deductible even if you buy dirt.
I do know that under a conventional loan the boat does have to qualify and supposidly you have to spend x many number of nights a year on it but who would know.
Check it out for yourself. My 2cents worth.
Jerry.

You are supposed to use the equity loan for improvements to qualify for the interest deduction. Although most still deduct it anyway.