A boat is considered a second home for federal tax purposes if it has a galley, an installed head and sleeping berth.
March 7th, 2011 | MYS Team Notes, News, Stanton Murray's Notes | murrayyachtsales | No CommentsThe Boat Loan Deduction For those owners with a secured boat loan, mortgage interest paid on the loan may be deducted from your federal income taxes. Taxpayers may use the home mortgage interest deduction for one second home in addition to their primary home, and must itemize deductions on their returns. A boat is considered [...]
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