Join Date: Oct 2010
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Re: can I afford to continue sailing
Once again I am no expert. I did some quick research and it appears that it has something to do with deductions for a second home 2nd home so you are probably right about only the interest and such being deductible.
Yes, that is my understanding. You can treat your boat as you would say a second (vaction home), but on your boat you need to have a toilet and cooking and sleeping facilities. Then you can make similar deductions that you would make on your home. If your boat was your home, same deductions would be allowed.
If you charter your boat, you probably could deduct all expenses (include dock fees and maintenace- it would be just like a rental house), but then I think you are limited to the amount of time you are allowed to use the boat each year (not sure but think it is something like 21 days a year).