So I've been made well aware of the provisions that a sailboat with a sufficient berth, head, & galley can count as a second home. Therefore, the interest for it can be written off come tax time. Now here's a question I have around enhancing boat capabilities.
The greenies on the net have been abuzz about the bailout bill, and the one good provision in it. That being, the 30% tax credit for all alternative, renewable fuel enhancements to ones home. Previously, there was the same 30% credit, but capped at $2000 a year I believe. See here: Solar energy gets huge earmark in bailout bill - Business - MiamiHerald.com
Now, I've already planned for solar array for my home. With state of Florida's credit for a 5000 kW system plus this 30% credit from the government, a system giving 75% of my home usage for the year is effectively free (after tax rebates).
How can we as a community take advantage of this for our sailboats? If they count as second homes, what about all the money we spend on solar panels and inverters, charge regulators, etc? First, can we get 30% tax credit on those?
Things that make you go hmm....
Any tax attorneys in the house?