Can you write off a boat in a slip on your taxes?

Question

Can you write off a boat in a slip on your taxes?

Answer 1

If your boat meets the IRS legal definition of a home you can write off the interest on the loan like you would a mortgage. The boat must have a cabin for sleeping, a galley and a head. I have written off the interest on my boat loan for 7 years and the write off passed the scrutiny of an audit. The boat does not even have to be big enough to live on comfortably. It just has to be possible to live on it by meeting the above criteria

Answer 2

I'm sure you could with a crooked tax-rep. What purpose would that serve in the long-run (besides money savings and a huge RED-FLAG  for the IRS)???

Answer 3

Only if you use it for business purposes and have a log to prove it.

Answer 4

If it used for Business it may be possible. But, as the First answer state you better be real as the IRS may call your "Bluff". ;-)

For personal use you can not, but, you may owe sales tax. :-O

Answer 5

No, unless you use it commercially.

Answer 6

if you prove that it is a home for yourself, you dont pay taxes at all on it....if you could somehow prove that the boat is for a bussiness, well then, your allset!