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Tax Deductions on Boats as a Second Home

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Tax Deductions on Boats as a Second Home

Old 02-19-2019, 07:26 PM
  #41  
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Originally Posted by flyhigh123 View Post
Lets say your boat does have all 3, are there any other requirements? # of days slept on boat?
Last time I checked, I believe the requirement is 14 nights/year. And the requirement is that you are using the home/boat for its intended purpose. If you are working on the home/boat and decide to sleep there because it is convenient, that doesn't count.
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Old 02-20-2019, 02:59 AM
  #42  
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Originally Posted by ssobol2533@aol.com View Post
Last time I checked, I believe the requirement is 14 nights/year. And the requirement is that you are using the home/boat for its intended purpose. If you are working on the home/boat and decide to sleep there because it is convenient, that doesn't count.
Wrong..no min nights for most boats.
The min nights have something to do with renting or chartering your boat out.
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Old 02-20-2019, 03:29 AM
  #43  
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Originally Posted by GWcpa View Post
*************This is not tax advice or guidance*************

I've been going to a CPE tax update class for 20 years. The tax guru that leads it "jokes" every year that if you have a "sleeping bag, porta potti and grill on your pontoon boat..."
Same here, always told same thing.

However end of day what is the interest deduction really worth to you anyway.
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Old 02-20-2019, 05:00 AM
  #44  
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My buddy was actually talking to his accountant about this two days ago. He's in the market for a 19 or so foot bowrider, so obviously that's not going to have sleeping, cooking, or toilet facilities.

His accountant just shrugged and said in his entire career, he's never heard of the IRS ever once verifying that a boat actually has those things and that, "If you tell me your boat has them, well then it has them."

That being said, I'm sure there's a first time for everything, and I personally wouldn't want to be explaining to the IRS why I felt that a sleeping back, a snickers bar, and peeing over the side counted as sleeping, cooking, and toilet facilities.
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Old 02-20-2019, 06:20 AM
  #45  
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Originally Posted by samven View Post
I dont think your boat will qualify. The IRS frowns on dual use space were one use is for deduction and the other is not.
The deck being used for a sleeping area would be a dual use area and most likely wont qualify as a berth. Similarly a home office is not deductible if it has any personal use, it must be dedicated. You can always argue the issue but in reality it comes down to the way the auditor decides to interpret unless you have pockets deep enough to go toe to toe in court with them.
Yup

I dont know how one things plopping a sleeping bag on deck counts as a sleeping facility
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Old 02-20-2019, 05:08 PM
  #46  
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Originally Posted by erodboating View Post
I rather talk to actual boat owners than a CPA, but like everything else, you'll receive a different response per CPA because this law is so flaky.
He owns a a Yellowfin with trip 300's nd almost all his clients in SW FLA have boats as well. All of whom including my brother with a Pursuit 2870 Offshore are advised in an audit, the 2nd home route for a boat is not a good idea. Plenty of other tax strategies and planning out there

Do whatever you want.
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