Don't forget to include the interest paid on your boat loan when you itemize
your tax deductions.

Here is the standard that must be met to qualify:

From www.boatus.com:


"For tax purposes, many boats qualify as second homes just like land-based
vacation condos and mobile homes," said Elaine Dickinson of BoatU.S.
Government Affairs. "If you have a secured loan on that vessel and it meets
the criteria of a second home, the IRS allows the interest paid on the loan
to be deducted."

The IRS defines a second home as having "basic living accommodations such as
sleeping space, toilet and cooking facilities." A secured loan is one where
a lending institution holds the boat as collateral for the loan.

Interest paid on the qualified loan should be reported on the federal income
tax return Form 1040, Schedule A, Itemized Deductions. Boat owners who
received a 1098 form from their lender should enter the amount of interest
paid on line 10. If they did not receive a 1098 form, they should enter the
amount on line 11 and provide the lender's name, address and tax
identification number. For more specific tax information, boat owners should
consult their own financial or tax advisors or visit the IRS Web site at
www.irs.gov. IRS Publication 936 also covers rules for interest deductions.

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