2007-05-01 06:27:01 · 8 answers · asked by Steve 1 in Business & Finance ➔ Taxes ➔ United States
The tax is persoanl property tax and is deductable ..
Good Luck!
2007-05-05 05:00:46 · answer #1 · answered by Miss Know It All 6 · 3⤊ 0⤋
As others have said, it must have cooking, sleeping, and restroom facilities to qualify as a home. If you rent your main residence, the boat would be your first home, not your second. That is purely a technicality because deductions for a first and second home are exactly the same.
2007-05-01 12:08:37 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
If the boat has living quarters - a place to cook, a place to sleep and sanitary facilities, interest on a loan secured by the boat is deductible as a 1st or 2nd home. Property taxes are also deductible. From IRS Publication 936:
"For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities. "
2007-05-01 07:45:31 · answer #3 · answered by aj485 5 · 2⤊ 1⤋
If you are talking about personal property tax, that would be deductible regardless of whether or not you rent your home (provided your total itemized deductions total more than your standard deduction.)
As to the interest on the loan, I don't think that is allowed. The instructions say that you can deduct interest for your "main home or a second home" Your boat is not your main home. I could be wrong. Never had this in 16 years a tax professional
2007-05-01 06:53:51 · answer #4 · answered by Mark S 5 · 1⤊ 3⤋
Depends on the boat - if it has bathroom and kitchen and sleeping facilities, then you might be able to claim taxes and interest as a second home. Otherwise, no.
2007-05-01 10:23:16 · answer #5 · answered by Judy 7 · 1⤊ 0⤋
Boats can be considered homes if they have sleeping, dining, and restroom facilities. Absent any one of these, nothing is deductible. If you have all three of these, then the interest you pay on the boat would be considered home mortgage interest and deductible.
2007-05-01 07:00:26 · answer #6 · answered by Wayne Z 7 · 1⤊ 1⤋
For the purpose of this credit, you're first time homebuyer in case you (your companion if married) did not very own the different significant homestead throughout the time of the three-three hundred and sixty 5 days era ending on the date of purchase. trip properties and condo supplies are actually not eligible. 2d homestead isn't eligible.
2016-10-14 06:36:13 · answer #7 · answered by ? 4 · 0⤊ 0⤋
By IRS definition, your "second home" must have all of the following:
a place to sleep
a place to cook
a place to relieve yourself
...and they all have to be permenant parts of the "home".
2007-05-01 08:02:57 · answer #8 · answered by Anonymous · 2⤊ 0⤋