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post #12 of Old 07-22-2002
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Definition of "Yacht"

>>BTW, I thought if the boat has a galley, a permanent head, and sleeping space for the whole family, then most likely it could be called a "yacht".<<

Actually if it has those, plus a mortgage there is one other VERY IMPORTANT name for it that I''m surprised no one mentioned. That is "Tax Deduction".

With a galley, a head and sleeping space, mortgage interest can be deducted under a "Second Home". Talk you your accountant...
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