[Rhodes22-list] R22 as a second Home?

[Ben Schultz]

One of our finalists for a boat name was Section 157.  Or, I might have the
number wrong, but it was the chapter of the tax code that let us deduct our
interest.

If you occasionally rent your boat, I don't see why all boat expenses
wouldn't be deducted.  That's a great idea, actually, except for if
liability risks and insurance costs aren't too great.

  
-----Original Message-----
From: rhodes22-list-bounces at rhodes22.org
[mailto:rhodes22-list-bounces at rhodes22.org] On Behalf Of Hank
Sent: Saturday, March 03, 2012 09:17
To: The Rhodes 22 Email List
Subject: Re: [Rhodes22-list] R22 as a second Home?

It's considered mortgage interest so just like your house.  If you paid
cash, then there is no deduction.

Hank

On Sat, Mar 3, 2012 at 10:14 AM, <daysails at aol.com> wrote:

> What is the nature of the deduction?  Is it limited to interest on a 
> loan to buy the boat or are there additional deductions?  Hmm, What if 
> I rent it out will I be able to deduct some expenses as a business 
> like renting a second home?  Just thinkng...  Joe Riley
>
>
> -----Original Message-----
> From: elle <watermusic38 at yahoo.com>
> To: The Rhodes 22 Email List <rhodes22-list at rhodes22.org>
> Sent: Fri, Mar 2, 2012 4:13 pm
> Subject: Re: [Rhodes22-list] R22 as a second Home?
>
>
> My understanding is that if the boat has sleeping, eating and toilet 
> facilities, it qualifies as a second home.
>
> We always deducted our 34' Hunter...and I believe my accountant 
> deducts mine.
>
> elle
>
> Beer is good....people are crazy
>
>
> 1992 Rhodes 22    Recycled '06
> "Watermusic"  {Lady in Red}
>
>
> ________________________________
>  From: Harbrlife <c.robert.lester at dartmouth.edu>
> To: rhodes22-list at rhodes22.org
> Sent: Friday, March 2, 2012 2:31 PM
> Subject: [Rhodes22-list]  R22 as a second Home?
>
>
> Greetings from snowy NH. Well as I sit inside doing my taxes this year 
> I've read for the first time "deductions for second homes". So I have 
> to ask, anyones R22 deducted off taxes as a second home?
> This might actually mean I buy a "New" over "recycled" boat!
> Thanks in advance,
> Bob
> Sunapee, NH
> --
> View this message in context:
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> Sent from the Rhodes 22 mailing list archive at Nabble.com.
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