SailNet Community - View Single Post - need advice on financing a boat
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post #22 of Old 03-21-2011
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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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Jeanneau 54DS

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