| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 247.1 | | HAZEL::YELINEK | WITHIN 10 | Wed Jan 25 1989 17:18 | 4 |
|
Can you define: Portable Stove .
Not Coleman I hope.
|
| 247.2 | NO | BTO::SILK | I'M THE N.R.A | Thu Jan 26 1989 07:34 | 7 |
|
NOT COLEMAN!!
" REDEYE "
|
| 247.3 | deduct the interest ? | BAGELS::MONDOU | | Thu Jan 26 1989 08:15 | 9 |
| I'm sure this was discussed at length last year but I couldn't find
the note. Perhaps someone else will help.
To my knowledge, the only expense you can "write-off" is any
interest on a loan. That's assuming you don't operate the
boat as a business, etc.
If there are any other expenses that are deductible, I would
like to know !
|
| 247.4 | only interest... | TYCOBB::J_BORZUMATO | | Thu Jan 26 1989 09:21 | 6 |
| There are no other expenses you can write off for second home
deductions except the interest you are paying on the note.
This i am positive of.
Jim.
|
| 247.5 | | BOOTES::KEYES | | Thu Jan 26 1989 13:21 | 3 |
| All I can tell you is that if your head is built into the boat and
not a portable, your boat payments are tax deductible.
|
| 247.6 | | HAZEL::YELINEK | WITHIN 10 | Thu Jan 26 1989 17:30 | 23 |
| careful....
Of course if you really want to be SURE you could always call your
local IRS Office or speak to Mr. Block. Over the last 2-3 years
(since the tax reform of 1986), the laws regarding deductable interest
on 'qualified' second homes which float have become more focused
etc. You can't just have a built in head, fridge, and bolt in a cheap
microwave. The length of the boat also fits into the 'equation'.
In fact, A friend of mine, when he was shopping for a boat, was
told by the dealership that the type of boat (23 ft. Grady White
Gulfstream) would qualify. Later he found that this was not the
case. I also have heard second hand information that indicated that
an individual DID consult with a tax accountant concerning the type(s)
of boats that would qualify. I guess if you're out to buy a 40 ft.
Hateras(sp?) you can rest assure... you'll be able to deduct the
interest on a loan however there is a fine line which may be
questionable by the IRS.
/MArk
|
| 247.7 | Write off the gas ???? | BINKLY::SMITH | | Fri Jan 27 1989 01:43 | 12 |
|
Anybody have any info on writing off the gas you use in your boat?
I have heard of this being done but I can not remember the reason
why it was possible. I think it has to do with a highway tax that
is included in the price of gas.
I may be off base on this, but I could swear I have heard of it
being done.
/Mike
|
| 247.8 | | MSCSSE::BERENS | Alan Berens | Fri Jan 27 1989 12:20 | 12 |
| re deducting interest:
The pamphlets I got from the IRS last year indicate that the length of
the boat doesn't matter -- the boat must simply have permanently
installed living accomodations (stove, icebox, toilet, berths).
re fuel tax:
My understanding is that there is a federal highway tax on motor fuels
(gasoline, diesel) that you can claim as a tax credit if you've used the
fuel for other than a highway vehicle (eg, in your lawnmower). There is
or was a special tax form for this.
|
| 247.9 | Seperate marine fuel tax | CIMNET::CREASER | Auxiliary Coxswain | Fri Jan 27 1989 16:50 | 8 |
| There is also a marine fuel tax which is split between the COast
Guard and the States. It is fed into a fund which has Safety as
one of its main goals. Those of us who gas up at the corner gas
station avoid this, but if you stop at a marina gas dock check
out the tax info on the pump.
Jerry
|