SailNet Community - View Single Post - need advice on financing a boat
View Single Post
post #22 of Old 03-21-2011
Minnewaska
Senior Member
 
Join Date: Feb 2010
Location: Narragansett Bay
Posts: 11,039
Thanks: 46
Thanked 224 Times in 209 Posts
Rep Power: 7
   
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.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

Jeanneau 54DS

In the harsh marine environment, something is always in need of repair. Margaritas fix everything.
Minnewaska is offline  
Quote Share with Facebook
 
 
For the best viewing experience please update your browser to Google Chrome