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Anyone writing off interest as a second home on a Center Console

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Anyone writing off interest as a second home on a Center Console

Old 06-08-2017, 09:08 AM
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Default Anyone writing off interest as a second home on a Center Console

Was doing some research and it looks like all you need to write off loan interest is a head, cooking appliance, and a bed.

Doesn't specify if bed needs to be inside, could a sun pad count?

Magma grill should suffice for cooking appliance.

Boat I'm looking at has a head.

What am I missing here?
Old 06-08-2017, 09:10 AM
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Cooking appliance would need to be factory option i believe.
Old 06-08-2017, 09:12 AM
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some people just have to walk the line
Old 06-08-2017, 09:13 AM
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I do but my boat has full systems. Dont risk it.
Old 06-08-2017, 09:16 AM
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What are you missing?? An upcoming audit from the IRS. You are really going to try an pass off a CC as a 2nd home?
Old 06-08-2017, 09:25 AM
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No you cannot. But I believe you can take out a line of credit on your home to purchase the boat and claim it then
Old 06-08-2017, 02:10 PM
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Old 06-08-2017, 02:15 PM
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Originally Posted by Liveactionfishing View Post
Was doing some research and it looks like all you need to write off loan interest is a head, cooking appliance, and a bed.

Doesn't specify if bed needs to be inside, could a sun pad count?

Magma grill should suffice for cooking appliance.

Boat I'm looking at has a head.

What am I missing here?
Why the hell do you have a loan on a boat?

Boats are supposed to be paid for with cash, in full, and not financed!
Old 06-08-2017, 02:20 PM
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Originally Posted by Liveactionfishing View Post
Was doing some research and it looks like all you need to write off loan interest is a head, cooking appliance, and a bed.

Doesn't specify if bed needs to be inside, could a sun pad count?

Magma grill should suffice for cooking appliance.

Boat I'm looking at has a head.

What am I missing here?
Old 06-08-2017, 02:23 PM
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I say go for it. I know a lawyer that guarantees to get you out. Even if it takes 20 years
Old 06-08-2017, 02:23 PM
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Originally Posted by seatec View Post
Cooking appliance would need to be factory option i believe.
not factory but permanently installed so a magma grill would not count
Old 06-08-2017, 02:38 PM
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Yes, you can. Buy this first.

https://www.intrepidpowerboats.com/b...console/#about
Old 06-08-2017, 04:55 PM
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The cooking and sleeping facilities must be permanently installed.
Old 06-08-2017, 05:01 PM
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Originally Posted by KnottyGirlGrady View Post
No you cannot. But I believe you can take out a line of credit on your home to purchase the boat and claim it then
This.
Old 06-08-2017, 05:16 PM
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Second mortgage can be deducted regardless of what you spend the money on, so that would work. As far as the boat loan itself, yes the livingquarters need to be a permanent part of the boat. Most CCs would not qualify. You will 100% get questioned on it.
Old 06-08-2017, 05:23 PM
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Originally Posted by Jus Teasin View Post
Why the hell do you have a loan on a boat?

Boats are supposed to be paid for with cash, in full, and not financed!
I don't have a loan on a boat, just asking the question.

If I could write off the interest and have my cash working elsewhere I would consider a loan.

Here's the style boat I was thinking with a center berth, sink and head. Seems like it checks all boxes expect for cooking appliance.

http://www.boattrader.com/listing/19...uddy-103076130
Old 06-08-2017, 05:29 PM
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You are going to take a 2nd mortgage out to finance a 18 year old center console???

30 year note?
Old 06-08-2017, 05:33 PM
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Default As long as....

You are not risking losing your home for a boat; as someone in the finance biz, I say do a heloc. (Home equity line of credit) legally write off all costs and Interest plus flexibility of payments and a revolving line to buy more boat stuff later on. If you shop around and haggle a bit, you can get some great rates out there.
Old 06-08-2017, 05:34 PM
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Originally Posted by Stickbo View Post
Second mortgage can be deducted regardless of what you spend the money on, so that would work. As far as the boat loan itself, yes the livingquarters need to be a permanent part of the boat. Most CCs would not qualify. You will 100% get questioned on it.
Limited to $50k or $100k if MFJ.
Old 06-08-2017, 05:38 PM
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Originally Posted by baitdragger View Post
You are going to take a 2nd mortgage out to finance a 18 year old center console???

30 year note?
Negative, I would take out a boat loan but write the interest off as our second home.

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