new boat?

[salty pig]

Ok NO im not getting new boat YET!- Are we still allowed to deduct certain boats on taxes like 2nd home or NJ do away with that?

2nd ? what kind of payments do you have on your boat? id like to move up  im only paying like 140 month for 14k or 12k i forget LOL.. friend just bought a 27 cobia WA i think he said, saw it but cant remember name it was sweet!

[mboy]

NO payments here. Paid cash.

Only bought what I could afford by paying cash (and spend more then I wanted to anyway

[Hotrod]

No payment here.  But looking to upgrade by next year with payments.

[salty pig]

friend of mine bought a baha cruiser 27ft nice boat think it was like 60k he got it for... home equity loan LOL.. wife loved the boat just not the  sticker hope in few years to get one afraid what that would run me to finance.

[IrishAyes]

Salty,
When you buy a boat you can deduct the interest on the loan as long as it is a secured loan.  That is, the boat is held as collateral.  This is for Federal taxes if you itemize, not NJ.

There are three other qualifications; you must be able to cook on it (portable stove or the like), sleep on it (cutty with v-berth acceptable) and use the bathroom on it (porta-potty acceptable).  That is the way it was explained to me by my tax man when I was writing the interest off for taxes when I purchased mine until the loan was off.

[ped579]

Wow thats great, but the wife still says no

Paul