boat as second home on taxes
#2
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Re: boat as second home on taxes
I do the same thing when I itemize my taxes,no interest statement from the bank like you normally get from a mortgage. I just take the december bank statement where it shows total interest paid for the year in the bottom right hand corner and my accountant uses this to substantiate my interest writeoff,Smitty
#3
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Re: boat as second home on taxes
Did I read where they are trying to change that ? I wouldn't doubt it ...seems Boaters (and the USA) is getting screwed almost on a daily bases ....
#5
AKA NoMoBoatin
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Re: boat as second home on taxes
Originally Posted by offthefront
Did I read where they are trying to change that ? I wouldn't doubt it ...seems Boaters (and the USA) is getting screwed almost on a daily bases ....
#6
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Re: boat as second home on taxes
Mine would not file a 1099 (or is it 1098, whatever) on a boat loan.
When you itemize simply fill in the loan institution on your schedule A. They also need a "code" number you get from your bank. Then fill in the interest. No form needed.
Just be sure your boat quailies, ie size, bathroom, cooking facilities, frequency of use, etc.
Gary
When you itemize simply fill in the loan institution on your schedule A. They also need a "code" number you get from your bank. Then fill in the interest. No form needed.
Just be sure your boat quailies, ie size, bathroom, cooking facilities, frequency of use, etc.
Gary
#7
Jerry B
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Re: boat as second home on taxes
I'm no expert on this but i think sometimes a home equity loan interest rate can be lower than a conventional boat loan. If you were to refinance to a home equity loan the interest is tax deductible even if you buy dirt.
I do know that under a conventional loan the boat does have to qualify and supposidly you have to spend x many number of nights a year on it but who would know.
Check it out for yourself. My 2cents worth.
Jerry.
I do know that under a conventional loan the boat does have to qualify and supposidly you have to spend x many number of nights a year on it but who would know.
Check it out for yourself. My 2cents worth.
Jerry.
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Re: boat as second home on taxes
As I understand it, you need to be able to live on it, and stay on it 14 days a year, to qualify as a second home. There are many interpritations of this.
#9
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Re: boat as second home on taxes
Jerry B that is a good answer. The rates are lower, plus you get a 1099 from the bank. This way it will not set off the red flag for a possible audit. In addition individuals that do not have the qualifications for the second home can reek the benefits. I just like the idea of no audit flags.