Tax write off

[BURNZ]

Just a reminder that if your boat has a cooking, sleeping, and bathroom area it is considered a second home. If you stay overnight on your boat more than 21 days a year (does not have to be consecutive days) Any interest paid on your boat loan is a legal write off !!!!

[Grantz]

Thanks burns...alot of folks forget about that and don't take advantage.

[lwells]

Just a reminder that if your boat has a cooking, sleeping, and bathroom area it is considered a second home. If you stay overnight on your boat more than 21 days a year (does not have to be consecutive days) Any interest paid on your boat loan is a legal write off !!!!

wow! i had no idea! are there any conditions at all, like the length of time that you've paid on the loan, the value of the boat, or what you paid for the boat? where can i find out more info about this?

[BURNZ]

Look under www.boats.com and search "tax breaks for boaters" this explains it pretty good. It also talks about writing off expenses for entertainment if you have clients / customers on your boat.

[Bad Fish]

...It also talks about writing off expenses for entertainment if you have clients / customers on your boat.

keep in mind your insurance policy may restrict "business use". my policy covers 6 business events per year. i'm not sure how they would track this but it would make for an interesting claim.