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Thread: Tax write off

  1. #1
    Join Date
    Feb 2008
    Posts
    23

    Default Tax write off

    Just a reminder that if your boat has a cooking, sleeping, and bathroom area it is considered a second home. If you stay overnight on your boat more than 21 days a year (does not have to be consecutive days) Any interest paid on your boat loan is a legal write off !!!!



  2. #2
    Join Date
    Jan 2008
    Location
    Allison Park, PA
    Posts
    842

    Default

    Thanks burns...alot of folks forget about that and don't take advantage.

  3. #3
    Join Date
    Jan 2008
    Location
    Natrona Heights, Pennsylvania, United States, 105597162807351, Natrona Heights, Pennsylvania
    Posts
    69

    Default

    Quote Originally Posted by BURNZ View Post
    Just a reminder that if your boat has a cooking, sleeping, and bathroom area it is considered a second home. If you stay overnight on your boat more than 21 days a year (does not have to be consecutive days) Any interest paid on your boat loan is a legal write off !!!!
    wow! i had no idea! are there any conditions at all, like the length of time that you've paid on the loan, the value of the boat, or what you paid for the boat? where can i find out more info about this?
    ~~live to boat~boat to live~~

  4. #4
    Join Date
    Feb 2008
    Posts
    23

    Default Tax Write Off

    Look under www.boats.com and search "tax breaks for boaters" this explains it pretty good. It also talks about writing off expenses for entertainment if you have clients / customers on your boat.

  5. #5
    Join Date
    Jul 2008
    Location
    Mt. Lebanon
    Posts
    11

    Default

    Quote Originally Posted by BURNZ View Post
    ...It also talks about writing off expenses for entertainment if you have clients / customers on your boat.
    keep in mind your insurance policy may restrict "business use". my policy covers 6 business events per year. i'm not sure how they would track this but it would make for an interesting claim.
    Here lies the body of Mary Lee; died at the age of a hundred and three. For fifteen years she kept her virginity; not a bad record for this vicinity.

    ~ Quint





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