On Mon, 12 Jan 2004 18:16:00 GMT, Jenny MacLeod
wrote:



Hello,
This is my first posting, and I'm not too savvy, so please excuse
me if I ask a stupid question. One of the guys I dock near said he
read that there are some new laws this year that make it possible
for sailors to deduct a lot of equipment from their taxes. Is this
true? Where can I find out more about this? That would be great,
since I purchased my first boat this year. I'm getting all of my
paperwork together in preparation for filing on the first day
possible, which, according to the TaxBrain site, is Jan. 16, just a
week away.
Yours truly,
Jenny Mac

Are you referring to the mortgage interest deduction? It's not a new
law, but to a newbie it might be considered new. It may be that you
are a realtor selling only waterfront properties and use your sailboat
to take prospective customers to visit properties. I don't know if
this would work or not, but I always take the benefit of any
legitimate doubt. I figure you won't go to jail for legitimate doubt.

John H

On the 'Poco Loco' out of Deale, MD
on the beautiful Chesapeake Bay!