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Old 30-06-2009, 22:54   #1
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$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?
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Old 01-07-2009, 02:58   #2
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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.
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Old 01-07-2009, 04:21   #3
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Drew.Ward posted about it HERE.
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Old 01-07-2009, 05:39   #4
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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.
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Old 01-07-2009, 06:58   #5
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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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Old 01-07-2009, 08:46   #6
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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.
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Old 01-07-2009, 09:16   #7
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You guys are great! Thanks for responding so soon! That's great news!
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