Tax Deductible (US) ?

GordMay · 28-01-2005, 04:09

Your boat interest could be tax deductible (USA) !
The criteria to claim your boat as a “Second Home” (for US tax purposes) is that it have “basic living accommodations, such as sleaping space, a toilet, and cooking facilities.”
To boaters, that essentially means a berth, and enclosed head, and a galley.

See “IRS Publication 936": http://www.irs.gov/pub/irs-pdf/p936.pdf

Don’t qualify? Get a bigger boat ...

FWIW,
Gord

delmarrey · 28-01-2005, 10:29

All the interest against the loan is dedutable as a second home. It worked for me!

28-01-2005, 04:09	#1
GordMay Registered User Join Date: Mar 2003 Location: Thunder Bay, Ontario - 48-29N x 89-20W Boat: C.L.O.D. (Cruiser Living On Dirt) Posts: 12,582	Tax Deductible (US) ? Your boat interest could be tax deductible (USA) ! The criteria to claim your boat as a “Second Home” (for US tax purposes) is that it have “basic living accommodations, such as sleaping space, a toilet, and cooking facilities.” To boaters, that essentially means a berth, and enclosed head, and a galley. See “IRS Publication 936": http://www.irs.gov/pub/irs-pdf/p936.pdf Don’t qualify? Get a bigger boat ... FWIW, Gord __________________ Gord May ~~_/)_~~ (Gord & Maggie - "Southbound") "If you didn't have time/$ to do it right in the first place, when will you get the time/$ to fix it?"

28-01-2005, 10:29	#2
delmarrey Registered User Join Date: Mar 2003 Location: Puget Sound, WA Boat: Choate 40 Posts: 3,927	Yes All the interest against the loan is dedutable as a second home. It worked for me!

Thread Tools
Show Printable Version Email this Page
Display Modes	Rate This Thread
Switch to Linear Mode Hybrid Mode Switch to Threaded Mode	Rate This Thread:

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Tax implications when crossing state lines	cyclepro	Locations and Regulations	32	10-11-2006 01:02
Where to register a new boat?	Chris	Rules of the Road, Regulations & Red Tape	7	08-05-2004 14:18