BoatBanter.com - View Single Post - Tax time....don't forget the boat loan interest deduction if you qualify

wrote:

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.

I had heard that this was changed last year so that there was a cap on
amount vs. a number of dwellings. Since my boat doesn't qualify and I
only have two homes, it didnt' matter to me .. but can anyone who
actually know tax law say for certain that you can only claim TWO
'residences' on your interest paid itemized deduction?

--
G.D.Smith
Harpers Ferry, WV

FOR SALE: 2003 Swee****er 22' Pontoon Boat
http://icanhelp56.homestead.com/gs_pontoon01.html

FOR SALE: 1999 Fleetwood Mallard 37' Travel Trailer
http://icanhelp56.homestead.com/Mallard001.html