Join Date: Feb 2010
Location: Narragansett Bay
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If you buy with a loan secured by a boat that meets the second home test (bed, head, galley) the interest will certainly be deductible. The collateral has to be the boat, you can't borrow unsecured and just say you used to the money to buy the boat.
However, if you don't already itemize your deductions, there may not be enough interest paid on such a small loan to warrant it.
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In the harsh marine environment, something is always in need of repair. Margaritas fix everything.