Posted by: westwightpotter | March 16, 2012

Tax Tip

With the April 15th tax deadline closing in, we remind all who have a secured loan on their boat that they still qualify for a tax deduction for the interest paid on the loan. For tax purposes many boats meet the criteria as a second home, just as land-based condos or mobile homes do.
   
The IRS defines a second home as having basic living accommodations: sleeping quarters (bunks), toilet (head) and cooking facilities (galley). Many of today’s boats meet this requirement. Check with your tax preparer to see if you qualify for this deduction.

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