Glenn,
Good luck. Pay close attention to the insurance requirements the mortgage
mandates. You may find them unacceptable as well as unaffordable.
Steve

"Glenn Ashmore" wrote in message
news:0X7Ag.8223$ok5.4280@dukeread01...
In accordance with my original plan for paying for Rutu I am going to have
to finance the last $30K for spars, sails and the last items needed for
commissioning. I can't get a permanent loan until she is finished.
Within the next couple of months Rutu will be spruced up enough to give my
banker a tour and get an interim loan until she is finished and I get a
permanent boat loan. In IRS parlance Rutu has 3 bedrooms, 2 baths and a
kitchen which qualifies here for the second home mortgage interest
deduction. It will still be a year before she is in the water. Anyone
know if the construction interest is deductible on a yacht? I know it is
on a regular house.

--
Glenn Ashmore

I'm building a 45' cutter in strip/composite. Watch my progress (or lack
there of) at: http://www.rutuonline.com
Shameless Commercial Division: http://www.spade-anchor-us.com