Tax Time - SailNet Community

   Search Sailnet:

 forums  store  


Quick Menu
Forums           
Articles          
Galleries        
Boat Reviews  
Classifieds     
Search SailNet 
Boat Search (new)

Shop the
SailNet Store
Anchor Locker
Boatbuilding & Repair
Charts
Clothing
Electrical
Electronics
Engine
Hatches and Portlights
Interior And Galley
Maintenance
Marine Electronics
Navigation
Other Items
Plumbing and Pumps
Rigging
Safety
Sailing Hardware
Trailer & Watersports
Clearance Items

Advertise Here






Go Back   SailNet Community > General Interest > General Discussion (sailing related)
 Not a Member? 


Reply
 
LinkBack Thread Tools
  #1  
Old 01-01-2007
JouvertSpirit's Avatar
Member
 
Join Date: Oct 2006
Location: Panama City Beach, Florida
Posts: 86
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 8
JouvertSpirit is on a distinguished road
Tax Time

I would like to discuss any possible tax deductions that might be associated with owning a sailboat. I think the boat can be considered a second home. Thoughts?
Reply With Quote Share with Facebook
  #2  
Old 01-01-2007
Thanks Courtney.
 
Join Date: Sep 2006
Location: IL
Posts: 3,954
Thanks: 1
Thanked 1 Time in 1 Post
Rep Power: 10
T34C has a spectacular aura about T34C has a spectacular aura about T34C has a spectacular aura about
Tax deduction, probably. Income deduction, definatly!
Reply With Quote Share with Facebook
  #3  
Old 01-01-2007
JouvertSpirit's Avatar
Member
 
Join Date: Oct 2006
Location: Panama City Beach, Florida
Posts: 86
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 8
JouvertSpirit is on a distinguished road
T34C: That made me laugh, and ain't it the truth!
Reply With Quote Share with Facebook
  #4  
Old 01-01-2007
camaraderie's Avatar
moderate?
 
Join Date: May 2002
Location: East Coast
Posts: 13,878
Thanks: 0
Thanked 2 Times in 2 Posts
Rep Power: 15
camaraderie is a jewel in the rough camaraderie is a jewel in the rough camaraderie is a jewel in the rough
Yes...sailboats with head and galley may be treated as a second home, letting you deduct interest paid on any loan outstanding. If you own the boat outright you're outa luck! So...buy a bigger boat than you can afford and finance it!
Reply With Quote Share with Facebook
  #5  
Old 01-01-2007
JouvertSpirit's Avatar
Member
 
Join Date: Oct 2006
Location: Panama City Beach, Florida
Posts: 86
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 8
JouvertSpirit is on a distinguished road
Let's say I sold a rental property, and bought a sailboat in the same year. I wonder if there is some way to associate the two to avoid some of the capital gains tax on the sale of the rental property. For instance if I offered the boat for bare boat charter would that qualify as a "rental" in terms of "like investment"?

Also, shouldn't the registration (sales) tax be income deductible?
Reply With Quote Share with Facebook
  #6  
Old 01-02-2007
Jotun's Avatar
Space cadet
 
Join Date: May 2006
Location: KSQ, PA, USA
Posts: 396
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 9
Jotun is on a distinguished road
I'm not trying to hijack this thread, but I have some questions too. Do you have to have a "marine" loan to get the tax deduction on interest? What if you simply took a personal loan to purchase the boat instead?
Reply With Quote Share with Facebook
  #7  
Old 01-02-2007
Thanks Courtney.
 
Join Date: Sep 2006
Location: IL
Posts: 3,954
Thanks: 1
Thanked 1 Time in 1 Post
Rep Power: 10
T34C has a spectacular aura about T34C has a spectacular aura about T34C has a spectacular aura about
There is an artice in the latest Boat US mag. According to the article, (not me) you can deduct the interest even if it is a private loan from an individual. The tax form asks for the tax id # of the institution or the SS# of the individual.
Reply With Quote Share with Facebook
  #8  
Old 01-02-2007
labatt's Avatar
I'd rather be sailing
 
Join Date: Jul 2006
Location: The state of s/v/ Pelican
Posts: 1,901
Thanks: 0
Thanked 2 Times in 2 Posts
Rep Power: 9
labatt will become famous soon enough
According to the IRS, you can only deduct the interest if the loan is secured with the boat i.e. if you default, the boat is sold off to pay your debt.
__________________
s/v "Pelican" Passport 40 #076- Finished Cruising - for the moment -
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
"Don't dream your life, live your dream" - Bob Bitchin'
"I'll see it when I believe it" - Me
Reply With Quote Share with Facebook
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

 
Posting Rules
You may post new threads
You may post replies
You may post attachments
You may edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Understanding Time for Navigation Jim Sexton Seamanship Articles 0 10-14-2004 08:00 PM
Estimating Project Time Don Casey Her Sailnet Articles 0 09-23-2004 08:00 PM
What Time Is It? Jim Sexton Her Sailnet Articles 0 03-24-2001 07:00 PM
Time and the Evolution of Longitude Jim Sexton Learning to Sail Articles 0 02-24-2001 07:00 PM


All times are GMT -4. The time now is 06:19 PM.

Add to My Yahoo!         
Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
SEO by vBSEO 3.6.1
(c) Marine.com LLC 2000-2012

The SailNet.com store is owned and operated by a company independent of the SailNet.com forum. You are now leaving the SailNet forum. Click OK to continue or Cancel to return to the SailNet forum.