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The boat market is crashing


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2 hours ago, wvhunt said:

I don't have a problem with anyone buying anything at any price that they can "afford". But we have a family that owe the school system because they can't pay for their two kids school lunches, but they post photos of their new bass boat with 250 hp motor, show screen shots of their forward facing sonar, and talk about all the local tournaments they're fishing in.  When confronted about the lunch bills, the mom told me "we have bills to pay and have to prioritize them."  They know the school system has to feed their kids, but the boat dealer doesn't have to let them keep the boat.

Abuse of the systems drive me insane and this would to no end also. Since I enjoy staying in these forums I'll leave it at that because I can write a dissertation on why certain (most) programs are harmful to everyone they impact. 

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On 1/22/2024 at 4:24 PM, Gera said:

Don't worry about a 140K boat, I'm sure that rich people who can afford it will get a nice tax brake on it or will be able to fully deduct it.... they will be OK. 

 

 

Anyone with a home equity can buy one and get the tax deduction....if you think it is worth it....

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On 1/24/2024 at 7:40 PM, airshot said:

Anyone with a home equity can buy one and get the tax deduction....if you think it is worth i

 

If you are referring to a home equity loan or line of credit, a bass boat doesn't qualify. Maybe in 2025 it will, unless they extend the current regs.

 

www.irs.gov/faqs/itemized-deductions-standard-deduction/real-estate-taxes-mortgage-interest-points-other-property-expenses/real-estate-taxes-mortgage-interest-points-other-property-expenses-2

 

"For tax years 2018 through 2025, if home equity loans or lines of credit secured by your main home or second home are used to buy, build, or substantially improve the residence, interest you pay on the borrowed funds is classified as home acquisition debt and may be deductible, subject to certain dollar limitations. However, interest on the same debt used to pay personal living expenses, such as credit card debts, is not deductible."

For tax years before 2018 and after 2025, for home equity loans or lines of credit secured by your main home or second home, interest you pay on the borrowed funds may be deductible, subject to certain dollar limitations, regardless of how you use the loan proceeds."

 

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@slonezp I’ll take my whitetail mount, put in in the passenger seat of my boat, and go get a small sink, put it in the livewell and I’ll start getting tax breaks. Can you confirm this with your son? 😁

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Yes, shiukd hace ststed line of credit rather than home equity.  My bank is constantly bugging me to take out a line of credit to buy toys.  According to them the interest is deductable !!

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  • 2 weeks later...

"I believe if a boat has a head and a sink, the interest can also be deducted."

 

A boat can qualify as a home, if it has a head and a bed and a kitchen.

I'm 73 and never seen a bass boat like that.

 

__________

 

"How do I get tax deductions on my boat?

A boat can qualify as a first or second home as long as it has sleeping accommodations (berth), a bathroom (head) and a kitchen (galley). You can take a mortgage interest deduction if your boat is financed and a home office deduction if you work from your boat. You'll need to do itemized taxes and file IRS Form 1098.Feb 18, 2022"
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On 1/27/2024 at 3:22 PM, airshot said:

Yes, shiukd hace ststed line of credit rather than home equity.  My bank is constantly bugging me to take out a line of credit to buy toys.  According to them the interest is deductable !!

 

Can't remember if this quote came from an old Uncle, or old buddy...I'm paraphrasing...

 

"Everything you see on TV, newspapers, internet, e-mail, on that dang phone...it's all about one thing...separating you from your money."

 

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As my banker showed me, on the application for a second mortgage, what isvthe money being used for.

A/C and heating upgrades, insulation and upgraded windows are all legitiment reasons for interest deductable investments.  I highly doubt the IRS will be boring holes in your walls to see if your insulation has been upgraded !    The gov't pulls the wool over my eyes most everyday, returning the favor is something I would not loose any sleep over.

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