The Fishing Line 

 

 


Home ] Search ] Contents ]


Press Club of Long Island
Prize Winning Web
Site by Press Club LI
 

Follow Us On

TV Show On

On All Systems

The Fishing Line 


 


Follow Us

Join Our Email List Free Newsletter
Email:  

FREE Newsletter
Choose Right List Fishing / Guitar

 

 

Home ] Search ] Contents ] Feedback ]


Press Club of Long Island
Prize Winning Web
Site by Press Club LI
 

Follow Us On

TV Show On

On All Systems

 

TAX TIME TIP: HOW TO DEDUCT A BOAT LOAN

The Boat Owners Association of The United States wants boaters to know that as long as your vessel meets the criteria for a second home, the Internal Revenue Service (IRS) should have a deduction for you.

"For tax purposes, many boats qualify as second homes just like land-based vacation condos and mobile homes," said Elaine Dickinson of BoatU.S. Government Affairs. "If you have a secured loan on that vessel, the IRS allows a tax deduction on the interest paid on the loan."

The IRS defines a second home as having "basic living accommodations such as sleeping space, toilet and cooking facilities." A secured loan is one where a lending institution holds the boat as collateral for the loan.

Interest paid on the qualified loan should be reported on the federal income tax return Form 1040, Schedule A, Itemized Deductions. Boat owners who received a 1098 form from their lender should enter the amount of interest paid on line 10. If they did not receive a 1098 form, they should enter the amount on line 11 and provide the lender's name, address and tax identification number. For more specific tax information, boat owners should consult their own financial or tax advisors or visit the IRS Web site at http://www.irs.gov . IRS Publication 936 also covers rules for interest deductions.

 

Home ] up ]


Copyright 1997-2013 The Fishing Line

"The Fishing Line" and "The Fishing Line" & Design, are registered Trademarks of Richard Johnson.  They may not be reproduced, copied, represented or used in any manner, shape or form. The contents of this web site are copyrighted by Richard Johnson & RJ Productions and may not be reproduced, copied, reprinted or sold in any manner, shape or form, under penalty of law.

Home ] up ]


Copyright May 6, 1995-2017 The Fishing Line

"The Fishing Line" and "The Fishing Line" & Design, are registered Trademarks of Richard Johnson.  They may not be reproduced, copied, represented or used in any manner, shape or form. The contents of this web site are copyrighted by Richard Johnson & RJ Productions and may not be reproduced, copied, reprinted or sold in any manner, shape or form, under penalty of law.