On Wed, 04 Jan 2006 08:02:16 -0500, DSK wrote:

JohnH wrote:
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."

That's what I was told by an accountant, some years back. It
may be that my memory is mixing up what he told us, but I
doubt it was mixing requirements for rental property since
we don't own any and never have.

In any event, a person who takes tax advice from usenet
without verifiying it would have to be pretty darn stupid.

DSK

Having been involved with rental property for quite a while, I can say that these
particular paragraphs haven't changed much for many years. It could well be that your
accountant was confusing rental property with the second home requirements, as both
are mentioned in the same paragraph, to wit:

"Second home rented out. If you have a second home and rent it out part of the
year, you also must use it as a home during the year for it to be a qualified home.
You must use this home more than 14 days or more than 10% of the number of days
during the year that the home is rented at a fair rental, whichever is longer. If you
do not use the home long enough, it is considered rental property and not a second
home. For information on residential rental property, see Publication 527."

Yes, I agree with your last comment!

--
John H.

"Divide each difficulty into as many parts as is feasible and necessary to resolve it."
Rene Descartes