Join Date: Sep 2000
Location: Eastern Pennsylvania
Thanked 0 Times in 0 Posts
Rep Power: 16
Actually, I think you are getting some bad information here, however good intentioned. Here is what the IRS pub actually says:
For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.
My Catalina 25 had a portapotty that was designed to attach on one side of the head with the sink on the opposite side. It also had a built in galley stove and sink.
This is in my opinion not the same as sticking a portapotty and a camp stove on a 20 foot sailboat with a bunk in a cuddy cabin.
If you have a loan on the boat, take the interest deduction.