Gene Kearns wrote:
On Fri, 18 Feb 2005 16:35:37 -0500, "JimH" wrote:

Don't forget to include the interest paid on your boat loan when you
itemize
your tax deductions.


Don't forget the (state) road tax you paid on fuel, too..... you can
get that back...
--



Grady-White Gulfstream, out of Southport, NC.

http://myworkshop.idleplay.net/
Homepage
http://www.southharbourvillageinn.com/directions.asp Where
Southport,NC is located.
http://www.thebayguide.com/rec.boats
Rec.boats at Lee Yeaton's Bayguide


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Caution:

You can only claim this interest expense exemption on *one* "second
home". If you have a principal residence mortgage as well as (say)a
$300,000 mortgage on a lakefront summer cabin and a $100,000 loan on
your boat, take the deduct on the summer cabin and forget the boat.


Second Caution:

If you have a very large boat loan, make sure that the interest
deduction doesn't lower your tax so much that you wind up in the
"alternative minimum tax" category. Speaking from unfortunately
frequent experience, AMT is usually more expensive than simply
forgetting to claim a few deductions and falling back onto the standard
tax charts.