I heard you can write off the interest on your boat as a second mortgage. Does anybody here do this or have any info on what the qualifications are?
Posted by: Kyle_A
Re: Tax write off? - 01/03/02 04:44 PM
Only if it has a head, and you can sleep on it.
Posted by: Jett'in Fool
Re: Tax write off? - 01/03/02 04:53 PM
Does a sled with sleeper seats, full top with back curtain count if I have a Port-a-potty?
Posted by: Dogfish
Re: Tax write off? - 01/03/02 05:44 PM
It has to fit the "bed, bread, and head" rule. Basically "permanent" fixtures that would allow sleeping, cooking, and sanitation facilities. Permanent means built into a boat.
Neither example given would fit the rule. Few cuddy boats less than 20' qualify, but generally boats over 25' have no problem qualifying.
Posted by: ONTHESAUK
Re: Tax write off? - 01/03/02 10:29 PM
........or if you bought the boat with a line of credit secured by a second on your house.
Posted by: buzzerbaby
Re: Tax write off? - 01/03/02 10:46 PM
I think you have to sleep a minimum of 2 weeks a year on the boat to qualify along with what was already mentioned.
Posted by: KNOPHISH
Re: Tax write off? - 01/04/02 09:17 AM
I'VE ALSO HEARD YOU COULD DEDUCT YOUR GAS FOR YOUR BOAT IF IT QUALIFIES AS ONE WITH THE BREAD, BED, & HEAD RULE. COULD BE JUST THE GAS TAX, BECAUSE THOSE TAXES ARE SUPPOSED TO BE USED FOR ROAD CONTRUCTION OR WHAT EVER & YOUR NOT ON THE ROAD. DOES ANY ONE KNOW IF THAT IS TRUE? COULD BE ALOT OF MONEY IF YOU'RE OUT OFTEN.