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

[BenCittadino]

Alex;

You can keep title to your boat if you let whoever is paying you deduct the
"salvage value" from what they are paying you, (just like you can keep the
wreck of your car after it is totaled by doing the same thing).

If I were you I'd still talk to Stan about a new used or recycled boat.
Maybe he'll give you something for the old hull too.

Good luck, 

BenC

Mary Lou Troy-2 wrote:
> 
> 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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