When I recently renewed my T.L. Dallas insurance policy, one of the questions on the renewal questionnaire was, "Is this boat your full-time residence?" I can only assume that the policy premium would be affected one way or the other by the answer to that question, but I'm not sure how. Insurers like it when your house is occupied full time. Maybe they feel the same way about boats???
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Originally Posted by grunzster  ...Which brings me to question #2. When tax time comes, for all you TurboTax users out there, do I claim the boat the same as a house? AKA: the screen where it asks "Any major life changes this year, for example bought a home?" do I click yes, and go through that whole process that same as if it was a house. |
You can definitely claim a deduction for loan interest paid on a boat that qualifies as a "second home". It just has to have a head and the ability to cook food, as I recall, i.e., it needs to be "livable".