Tidal Fish Forum banner
1 - 17 of 17 Posts

·
Registered
Joined
·
1,694 Posts
Discussion Starter · #1 ·
Bought a new boat in 2006, and I just got a letter from my boat dealer, advising that there is some tax break related to the purchase of a new (or used?) boat that was not authorized until after the current tax publications had all been printed.

Hopefully my accountant is up on the issue, but just curious if anyone here has a general idea what I can expect. (Never too early to start spending an anticipated refund...........)
 

·
Registered
Joined
·
1,694 Posts
Discussion Starter · #3 ·
PPinson160- Thanks, that's a little unexpected good news. I can't believe I would have missed out on that one.

Is that for boats only? What about ATV's, vehicles, etc.?
 

·
Tidal Fish Subscriber - I'm cool!
Joined
·
414 Posts
It's good for any big ticket item. I used it for the truck I bought in 2006.
 

·
Registered
Joined
·
1,853 Posts
Finance it with a home equity loan or a Home equity line of credit and the interest can be tax deductible if you itemize. ;)

Tight lines,
 

·
Registered
Joined
·
1,694 Posts
Discussion Starter · #6 ·
Finance it with a home equity loan or a Home equity line of credit and the interest can be tax deductible if you itemize. ;)

Tight lines,
Looked at that, but my mortgage company wanted so much paperwork and $$$$ in fees and costs that I got ticked off and went with an independent loan. Probably would have paid for itself before long, though, with the deduction. Maybe I'll take another look this year.
 

·
Tidal Fish Subscriber - I'm cool!
Joined
·
414 Posts
Would it qualify for the 2nd home interest deduction? That's one of the reason's I bought a WA instead of CC Boat. It's got sleeping quarters, a galley, and a toilet.
 

·
Registered
Joined
·
1,694 Posts
Discussion Starter · #9 ·
Would it qualify for the 2nd home interest deduction? That's one of the reason's I bought a WA instead of CC Boat. It's got sleeping quarters, a galley, and a toilet.
Thanks, knew about that-
But while it is nicer (and more expensive) than some places I have called home over the years, my Parker 23SE would probably not get me through an audit.
 

·
Registered
Joined
·
1,360 Posts
I write off the interest on my boat loan as mortgage interest. My understanding of the code is that the boat has to have a galley, head and berthing quarters.

Had HR Block do my taxes last year.. no issues/flags mentioned..
 

·
Registered
Joined
·
1,853 Posts
Looked at that, but my mortgage company wanted so much paperwork and $$$$ in fees and costs that I got ticked off and went with an independent loan. Probably would have paid for itself before long, though, with the deduction. Maybe I'll take another look this year.
Check with your bank or credit union for a home equity line of credit. Shop it for the lowest cost.A home equity line of credit allows you to write a check for any amount up to your credit line max and you do not pay any interest until you write the check. A mortgage company may not be competetive. It may not be possible if you do not have enough equity built up in your home. Basically it amounts to a second mortgage. FWIW

Tight lines,
 

·
Registered
Joined
·
1,206 Posts
There are many tax breaks......if you know about them, document them, etc.
Like businesses', there can be deductions for your hobbies...... :excited:, but you need to have an aggressive tax person, to save the most on taxes.
Part of the problem is that most tax-preparation outlets are only interested in the fees they charge, ( like fast-food), this is a busy time of the year for them, and it has become more of a mill, than a true service.
My theory is that if I can save 20-28% of the money I spend on taxed income, then the better for me, I'll have more to spend. Further, I believe that I'm entitled to NOT pay one penny more in taxes than the law allows.
 

·
Registered
Joined
·
2,093 Posts
I bought a new Nissan Pathfinder in 06... anyone know if turbo tax would have asked my wife about that when she was doing them?
 

·
Premium Member
Joined
·
2,640 Posts
????? if you use the general sales tax tables, based on income..are large purchases that you paid sales taxes on (such as a new car) added to the amout in the table?
 

·
Registered
Joined
·
2,093 Posts
I think no - if you choose to take the general tax, it means you aren't going to worry about adding up your sales tax. Upon consultation with the wife, it turned out for us that even with about a $30K purchase, the general tax was still better than listing my sales tax.
 
1 - 17 of 17 Posts
Top