Tax advantage?

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flapbreaker

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C Dory Year
2006
C Dory Model
22 Cruiser
Vessel Name
Playin' Hooky
I have heard people say that the interest on a boat loan is tax deductable if you have a stove, bed, and toilet. Supposedly this qualify's as a "second home". Has anyone tested this theory with their c-dory and the IRS?
 
Yes, I write of the interest every year.
 
I did it for years on other boats. Since I am not paying interest on Sue-C I can't now, but will again in the future when I get 2-foot-itis, or is that 9-foot-itis. Never had it questioned.
 
You Betcha!...... :thup
 
A caution - you can only have ONE second home. e.g., we deduct the interest on our motorhome and used to do so on our houseboat, but when I get the new boat, I will have to decide whether to deduct motorhome interest or boat interest. It is looking like boat interest will be the larger figure at this point. John
 
drjohn71a

How about a little "creative" financing?

Combine the two payments under a single personal or other loan and deduct them both as one or the other?

Or would the IRS tax tracing on accounts figure this out?

Disclaimer: blah, blah, blah, .............................

I'm no crook, but I do get tired of the government double taxing my income, once when its earned, and then again when I spend my savings on a personal posession that is the result of hard work, personal sacrifice, and discretionary spending.

The government doesn't need more money, it needs to figure out how to spend it intelligently like an individual of limited means.

Joe.
 
One of the reasons there has been a lot of "discretionary spending" (note I don't say income) in the last few years, is that many take an equity loan on increased value of the house, and by toys. It looks like some folks are already being bitten by this, since some realestate values have dropped or houses are harder to sell, and those low interest, no principle loans are comming due! --

Generally boats are not "investments".
 
Sea Wolf":202kfhxs said:
How about a little "creative" financing?

Combine the two payments under a single personal or other loan and deduct them both as one or the other?Joe.
Click to expand...

If you have a home equity line of credit, you already have the basics of "creative financing" Joe. Home equity loan interest is fully deductable.
It kind 'a bridges the gap the last few months between when you found that "deal" on a new toy and when one of your CD's mature and you can pay it off. (notice I use the word you.)

You retired teachers know all about juggling multiple CD's, right Joe? :mrgreen:

Don
 
Sneaks":1alnvi5t said:
Sea Wolf":1alnvi5t said:
How about a little "creative" financing?

Combine the two payments under a single personal or other loan and deduct them both as one or the other?Joe.
Click to expand...

If you have a home equity line of credit, you already have the basics of "creative financing" Joe. Home equity loan interest is fully deductable.
It kind 'a bridges the gap the last few months between when you found that "deal" on a new toy and when one of your CD's mature and you can pay it off. (notice I use the word you.)

You retired teachers know all about juggling multiple CD's, right Joe? :mrgreen:

Don
Click to expand...

Don-

We owe nothing to anyone and have a very comfortable income, but will have to start collecting the TSA's and IRA's in a few years because we're getting OLD. The MONEY I LIKE, THE OLD I DON"T!!!

Your OLD Bud, Joe.
 
Sea Wolf":2gkf2pfc said:
We owe nothing to anyone and have a very comfortable income, but will have to start collecting the TSA's and IRA's in a few years because we're getting OLD. The MONEY I LIKE, THE OLD I DON"T!!!

Your OLD Bud, Joe.
Click to expand...

Well then do I have a link for you, Joe. It wouldn't pass MOM's eagle eye, but it clearly shows the thought behind my messin with ya. :lol: Look for a PM

I'm with you though, I only wish we could have been in a similar financial position 30 years ago.

Your EVEN OLDER Bud, Don. Nowhere near as ancient as Dusty, who I heard gave check flights off the USS Langley, but at least I have hair....
 
OLD is just a state of mind!........if you still can remember where you put it!
 
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