[Rhodes22-list] R22 as a second Home?

[Rob Granger]

On Tue, Mar 6, 2012 at 9:30 AM, Ben Schultz <
benonvelvetelvis at theskinnyonbenny.com> wrote:

> 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.
>
>
> -
>


I have a vacation rent house and the tax law stipulates that if I want to
consider it a business, then I can only use the lake house for personal use
14-days in a calendar year.  I'm very careful to log my personal use of the
house.  So I suspect that the same would hold true of a sailboat.  So
occasionally renting your boat would not (in the eyes of the IRS) be
sufficient to gain a write-off.