Deductable interest on boat loan

[Red Horse]

What are the current guidlines on this? What does my boat need to have so I can deduct the interest for tax purposes?
Anybody do this?

[99 232 baja]

What are the current guidlines on this? What does my boat need to have so I can deduct the interest for tax purposes?
Anybody do this?porta potty and a place to sleep. I deduct my boats interest every year.

[purrfecttremor]

pota potty ,running water,@ least 24 ft.if you work it right to can rent it it out [ya right] ang depriciat it.see your tax man.oh yea a stove!

[Jordy]

Last I saw over on OSO, it was a bunk, a galley and a head. A port-a-potty and coleman stove would satisfy the galley and head requirements. ;)

[Just Tool'n]

I was told by my CPA, that as long as it had a head & a sink we could deduct it as a vaction home.
Never did it, I allways try to pay cash for toys.
Better check with you tax person. ("I am allways right, just ask my wife")
The old lady was bitchin over the weekend when we visted my parents over in Cambria, How come we dont have a vacation home over here , instead we that expensive boat.
I told her that "that boat" does not cost me $2k per month, that a vacation home would cost everymonth.
To which my Dad said, there's a lot to be said for that point!

[doesitfloat?]

...or you could use an equity loan to buy the boat so the interest is deductible. But I wouldn't...

[2Driver]

I wouldn't either. Miss a couple payments and they'll take your house and then your boating with your wife's china hutch in your jet boat. :2purples:
Never ask us boating guys $$ questions. :rollside:

[Red Horse]

Just trying to see what my options are. If you pay cash you have no tax shelter, the trick is to find out if you can get a low interest loan and then deduct enought to make it worth your while. Just wondering.
If you buy an 80K boat and put down 30K, finance the rest at 6% for 12 years you have to pay $20216 in interest over the life of the loan. I will have get a good enough tax break to get most of that back. Doesnt look to good does it?

[desertbird]

Do like everyone else and buy it w/ a 2nd on the house. :(
....Just don't miss the payments! :hammerhea it's not reallty that hard.