Boat deductions
"JohnH" wrote in message
...
On Tue, 03 Jan 2006 22:01:15 -0500, DSK wrote:
Fred Dehl wrote:
It's hard to qualify for a deduction when YOU PAY NO INCOME TAXES IN THE
FIRST PLACE. The bottom FIFTY PERCENT of taxpayers pays ONLY FIVE
PERCENT
of income taxes.
I see that a few people are still SHOUTING their stupid
political lies here. Obviously you did not bother to check
the IRS web site for actual tax figures. The truth is very
easy to find.
Hey Fred, got a boat?
As for the reason for tax deductions for the *interest* on
boat loans, it depends on your point of view. In one way, it
is an indirect subsidy for the banking industry. In another
way of looking at it, it's a fair way of stimulating the
economy by encouraging people to buy things.
FWIW we have used the boat loan interest deduction for
years. There are several criteria, among them that the boat
has to have a potty & a galley, and you have to sleep on
board for a certain number of nights per year.
DSK
The requirements for claiming the interest deduction on a boat as a
'second home' do
not include sleeping on it for 'a certain number of nights per year.
Yep!
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