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 Administrator Site Administrator Join Date: Mar 2003 Location: Thunder Bay, Ontario - 48-29N x 89-20W Boat: C.L.O.D. (Cruiser Living On Dirt) Posts: 9,731 Images: 232	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: 3,550 Images: 115	Yes All the interest against the loan is dedutable as a second home. It worked for me!

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