OK Sailors, I feel the need to resurect this old thread because I want to know more.
It makes sense that the interest on a boat loan is deductable on Sched-A. I would like to know if anyone out there is filing Sched-C deductions against their maintenance costs and marina fees?? (Business use of the home?)
If a portion of the boat is used for business purposes, that should also make the appropriate portion (%) of all fees and expenses deductable as well. If one is a writer or runs an online business from one's liveaboard, there are income deductions that may apply. A V-berth (second cabin) on a fair sized vessel can constitute over 10% of the boat area. Even more if one figures the area against total "living space."
Even if 10% space can be attributed to one's profession, this can be applied to costs such as slip fees, liveaboard fees, pump-out, hull maintenance, registration, and insurance. Sailors spend a lot on some of these things. My math shows that 10% of "a lot" equals "pretty good."
It would be great to hear from some of those "techies" out there that do online work from their boats or from writers/authors of all those sailing magazines/books to chime in with their tax saving experiences.