Sunny32SSR

So my CU won't do CG documented boats anymore due to the changes with mortgages and I have to sign a form that I won't deduct the interest for the life of the loan???????

You kidding me? What's up with that

commandersander

iTrader: (8)

Don't know.....

I own all of mine outright and still get a deduction for depreciation......plus 2nd home for the ones that qualify.

Griff

I would say that is all on your CU. Why is it any of their business what you deduct on your taxes???? It has no effect on them.

Griff

How is that possible unless they are rentals or part of a business????

commandersander

iTrader: (8)

They are......

Sunny32SSR

They stated the govt is looking at it as an additional mortgage as opposed to a rec loan

Griff

That is a difference in words only. I have rec loan on my boat and deduct the interest every year for 10+ years and I'm not documented.

bck

The IRS knows it's a boat and not a mortgage. They wrote the law that allows for the deduction if equipped and used properly even though its not a house. What difference would it make if it's documented? It's still the same loan/ writeoff/ boat. Is the C.U. requiring it to be documented?