What's the Mortgage-Interest Deduction for That Yacht?
I wouldn't be in this business if I weren't nosy. So the $17 admission fee to the giant sailboat show in Annapolis last weekend was thrifty entertainment, allowing me to spend the afternoon wandering below deck on yachts worth more than my house. The really tricked-out ones had all sorts of sea-worthy goodies like radar and automated sail-trimming gear--most of which is way beyond my limited knowledge of sailing. Below deck, some of these yachts were trimmed out with granite countertops, dishwashers, full-size showers, large flat-screen TVs and even a washer and dryer.
These boats also come with a mortgage interest deduction. If a boat (or an RV) has a place to sleep, bathe and cook, it counts as a home and may qualify for the deduction. Taxpayers, married or single, can deduct interest on up to $1.1 million used to buy or rehab their first and second homes, combined. There will be more potential tax deductions on display next weekend, when Annapolis hosts the power boat show.
What do you think? Should boats and RVs qualify for the mortgage-interest tax deduction?
October 13, 2009; 6:00 AM ET
Categories: Buying , Home features , Mortgages , Outdoors , Taxes
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