Finance or Cash? - Page 5

Harryeod · #41 (**permalink**) 11-06-2008

Quote:

Originally Posted by Harryeod

I just bought a boat myself, and a beautiful boat it is, if I do say so myself, but, I fiananced out of necessitie and I hate the payment. I paid cash for my last boat and I paid cash for my truck and I haven't been in dept for 8 years, and I LOVED IT! Now I am in dept and I HATE IT! But I LOVE MY BOAT.

The boat for me is not a luxury item because I live on it; it is my home. I sold my house when my son graduated and joined the Marines and I am on the road working 10 months out of the year. So it is nice to go home to my boat every few months.

Just my opinion. Did I say, I LOVE MY BOAT/HOME!

PS. My spelling sucks when I get excited.

Sapperwhite · #42 (**permalink**) 11-06-2008

Harry

FYI
You can claim the boat as a second home, even if you don't have a first home. Thats a discussion for another thread though.

gedaggett · #43 (**permalink**) 11-06-2008

Quote:

Originally Posted by Sapperwhite

Harry

FYI
You can claim the boat as a second home, even if you don't have a first home. Thats a discussion for another thread though.

Funny thing.. You would think if you don't have a first home then the second home becomes the first and would no longer be a second but an only. Too many tax rules we should go 15% flat tax and fire 95% of the IRS and all the tax lawyers

(my opologies if you are either).

sailingdog · #44 (**permalink**) 11-06-2008

Too many lawyers to begin with... the US is over run with them.. and you can't spray for them like you can for other critters... That said, I do have some good friends who are lawyers, but unlike the vast majority, don't do frivolous lawsuits... and actually do the kind of work that helps people out. It's kind of like the difference between ticks and honeybees.... one is very useful and serves a purpose that helps mankind out...the other is very destructive and parasitic... BTW, not exactly a fair comparison, since ticks are technically Arachnida, not Insecta.

Sapperwhite · #45 (**permalink**) 11-06-2008

Quote:

Originally Posted by gedaggett

Funny thing.. You would think if you don't have a first home then the second home becomes the first and would no longer be a second but an only. Too many tax rules we should go 15% flat tax and fire 95% of the IRS and all the tax lawyers

(my opologies if you are either).

I'm not either, but i do claim my boat as a second home even though I don't have a first. All you need is a head, a sink, and a bunk...voila, second home.

Its one aspect of the financing decision to think about. If you are buying a new 200k boat, its a good thing.

gedaggett · #46 (**permalink**) 11-06-2008

Quote:

Originally Posted by Sapperwhite

I'm not either, but i do claim my boat as a second home even though I don't have a first. All you need is a head, a sink, and a bunk...voila, second home.

Its one aspect of the financing decision to think about. If you are buying a new 200k boat, its a good thing.

I would totally do the same thing. It is just Ironic that it has to be a "second" home when it is really the only one you got. When I am old enough (or wealthy enough) to retire I hope to live off a 40 footer myself.

Harryeod · #47 (**permalink**) 11-06-2008

Quote:

Originally Posted by Sapperwhite

Harry

FYI
You can claim the boat as a second home, even if you don't have a first home. Thats a discussion for another thread though.

I think I can. It is definitly something I am going to be looking into come tax time.

k1vsk · #48 (**permalink**) 11-06-2008

Quote:

Originally Posted by gedaggett

I would totally do the same thing. It is just Ironic that it has to be a "second" home when it is really the only one you got. When I am old enough (or wealthy enough) to retire I hope to live off a 40 footer myself.

It would be your "first" home --- see mortgage.