Thread: Donna Lange runs aground
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Mark Borgerson Mark Borgerson is offline
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First recorded activity by BoatBanter: Oct 2006
Posts: 171
Default Donna Lange runs aground
In article ,
says...
On Mon, 29 Jan 2007 15:14:57 -0800, Mark Borgerson
said:

Am I correct in assuming that you could still deduct monthly loan
payments if the boat qualifies as a primary or secondary residence?

I believe that's the case, though I never had occasion to check it. I prefer
not to use borrowed money to buy a boat.

As someone else correctly pointed out---it is only the interest that you
can deduct. The proportion of interest to principle will vary widely
with the interest rate and length of the loan. I suspect that a
5 to 10 year loan with a reasonable down payment would have deductible
interest significantly less than maintenance, mooring, and operating
costs. Then you have to figure out property taxes, insurance, etc.,
etc.. Ah, well, TAANSTAAFL!

Mark Borgerson

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