$8,000 Tax Credit

snort · 30-06-2009, 23:54

Does anyone know if the tax credit offered in the U.S. applies to a boat you purchase as a liveaboard?

VERTIGO · 01-07-2009, 03:58

There is another thread "can't seem to find it" that said yes. I believe it does, I can use my VA loan for one.

**Hud3** · 01-07-2009, 05:21

Drew.Ward posted about it HERE.

**Hud3** · 01-07-2009, 06:39

Snort,

You would make the claim for a tax credit on IRS Form 5405. Google up a copy of that form, and you see the IRS's definition of the types of residences that qualify for the tax credit.

drew.ward · 01-07-2009, 07:58

It's a 10% refundable tax credit up to $8,000 which you get back on the next tax cycle. It only applies to your primary resident and only if you haven't purchased a home within the past 3 years. Boats do count.

Vertigo, where did you hear you could use your VA Loan for a boat? Have you verified this because everything I have read says just the opposite. God wouldn't that be great though.

VERTIGO · 01-07-2009, 09:46

I heard it, sorry to pass it on without checking on it. I checked the VA website:
Can I use a VA Loan for a houseboat?

No, a VA Home Loan cannot be used for a houseboat.

I do know that you can turn in a Boat payment as a eligible for BAH, here in Japan it is almost $3,000/ month. Also if you own a boat they will pay mileage for a ditty move, even from the States to say Japan. This I do know.. It was actually in the book.
Again sorry to pass info on what someone said without checking first, I know better. Yes to good to be true.

snort · 01-07-2009, 10:16

You guys are great! Thanks for responding so soon! That's great news!

30-06-2009, 23:54	#1
snort Registered User Join Date: Sep 2007 Posts: 44	$8,000 Tax Credit Does anyone know if the tax credit offered in the U.S. applies to a boat you purchase as a liveaboard?

01-07-2009, 05:21	#3
Hud3 Moderator Moderator Join Date: Sep 2007 Location: Nevis, West Indies Boat: Island Packet 380 "The Belle of Virginia" Posts: 4,505	Drew.Ward posted about it HERE. __________________ Hud s/y The Belle of Virginia, IP 380 Nevis, West Indies Click to Search Cruisers Forum Archives

01-07-2009, 06:39	#4
Hud3 Moderator Moderator Join Date: Sep 2007 Location: Nevis, West Indies Boat: Island Packet 380 "The Belle of Virginia" Posts: 4,505	Snort, You would make the claim for a tax credit on IRS Form 5405. Google up a copy of that form, and you see the IRS's definition of the types of residences that qualify for the tax credit. __________________ Hud s/y The Belle of Virginia, IP 380 Nevis, West Indies Click to Search Cruisers Forum Archives

01-07-2009, 07:58	#5
drew.ward Registered User Join Date: Nov 2005 Location: Melbourne, FL Boat: Nomoboat -- yay Gustav ;) Posts: 240	It's a 10% refundable tax credit up to $8,000 which you get back on the next tax cycle. It only applies to your primary resident and only if you haven't purchased a home within the past 3 years. Boats do count. Vertigo, where did you hear you could use your VA Loan for a boat? Have you verified this because everything I have read says just the opposite. God wouldn't that be great though. __________________

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01-07-2009, 03:58	#2
VERTIGO Registered User Join Date: May 2009 Location: Japan Boat: SEA DOO, 230 Challenger 23 Posts: 79	There is another thread "can't seem to find it" that said yes. I believe it does, I can use my VA loan for one.

01-07-2009, 09:46	#6
VERTIGO Registered User Join Date: May 2009 Location: Japan Boat: SEA DOO, 230 Challenger 23 Posts: 79	I heard it, sorry to pass it on without checking on it. I checked the VA website: Can I use a VA Loan for a houseboat? No, a VA Home Loan cannot be used for a houseboat. I do know that you can turn in a Boat payment as a eligible for BAH, here in Japan it is almost $3,000/ month. Also if you own a boat they will pay mileage for a ditty move, even from the States to say Japan. This I do know.. It was actually in the book. Again sorry to pass info on what someone said without checking first, I know better. Yes to good to be true.

01-07-2009, 10:16	#7
snort Registered User Join Date: Sep 2007 Posts: 44	You guys are great! Thanks for responding so soon! That's great news!

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