[Rhodes22-list] If I can't fix the Rhodes, another sailboat for now?

Mary Lou Troy mtroy at atlanticbb.net
Tue Jun 1 15:06:51 EDT 2010


Those were the rules when we bought ours. We ended up taking a home 
equity loan (better rates then) to buy ours in 1998 and just deducted 
the interest along with our mortgage interest. Not sure if it was 
strictly kosher but it was the same idea.

Mary Lou


At 02:39 PM 6/1/2010, you wrote:
>For the interest to be tax deductible on a boat, it has to qualify as a 2nd
>home and needs the following:
>
>Sleeping Quarters
>Head
>Cooking facility.
>
>Rhodes has all three so good to go.
>
>Hank
>
>On Tue, Jun 1, 2010 at 2:29 PM, Michael D. Weisner <mweisner at ebsmed.com>wrote:
>
> > Ben,
> >
> > How is the interest on the loan tax deductible?
> >
> > Mike
> > s/v Shanghai'd Summer ('81)
> > Nissequogue River, NY
> >
> >
> > From: "Ben Schultz" Tuesday, June 01, 2010 12:31 PM
> > > If Alex or any other potential buyers are out there lurking, consider
> > > taking
> > > a loan to get a recycled Rhodes from the factory.  If I had waited until
> > I
> > > could afford one, I would have missed out on many years of sailing.  Rose
> > > worked with my lender to get me a great price and rate on a loan, and
> > when
> > > you consider that the interest is tax-deductible, the cost of borrowing
> > is
> > > considerably low.  I'm glad I went that route so many years ago.
> > >
> > > Ben
> >
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