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