boat as second home on taxes
04-13-2006 | 03:39 PM
#11
Frank's Marine Service
Joined: Sep 2002
Posts: 11,959
Likes: 142
From: Elkton, MD
Re: boat as second home on taxes
Originally Posted by PatriYacht
Call your bank and have them send you a statement showing the interest paid.
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.
04-14-2006 | 12:01 PM
#13
Registered
Joined: Sep 2002
Posts: 2,219
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From: Clearwater, Florida
Re: boat as second home on taxes
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.
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.
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