Guys this one is getting close to being out of hand, bring it back!!!
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osd9 said:I'm a little nieve here......I'm also not getting an equity loan.....BUT....it seems to me that you are simply saying NEVER get an equity loan....
comsnark said:Ok, just to chime in a bit further;
3) Bottom line is that buying a boat is an expense. A house is an investment. Of course, an home investment can still go sour; and you can lose money. But a boat is an expense. You are *GUARENTEED* to lose money.
RubberDuckeeToo2 said:A HELOC (home equity line of credit) is a second mortgage on your home. It is secured by the home, not the boat. So if you lose the boat for some reason, the loan remains. If you have a boat loan and something happens, there still may be a deficiency, but many states have home exemption laws which protect the unborrowed home equity, leaving something sacred for when times really go bad.
AMT or not, it is never good "life planning" to live your life by "tax planning".
I will try and stay on topic here. I had a HELOC for a while that I used when I purchased my 270 (granted not a major purchase like a larger, newer boat). It was just in place, sitting there, not being used when I bought the boat. The house itself was already paid for, or very nearly so.Alex F said:The way I see it, with HELOC I have all the freedom, no application fees and hasles, write of the interest looks not too complicated.
Can you share your financial experience, tips and trick I may be unaware of.
Thanks,
Alex.
ImpulseIII said:I seem to recall that a home equity loan used for a boat will not qualify the boat for the second home mortgage interest deduction on your federal income tax. Maybe we have a CPA lurking out there in digital land that can confirm this, but I think I am right. If I am not, I am sure I'll hear about it!!! :grin:
BINGO !!!! YOu got it ... you are liable for what you signed for, no matter if it's on a HELOC or a boat loan ...Four Suns said:Are you sure your assets are protected by segmenting what secures what loans? Let's say you go out and get a 300K boat loan and you default on it... Can't they still come get your other assets via a judgment when the boat doesn't cover the loan (and plenty of BS fees)? I'm pretty sure it takes a lot more estate planning than just segmenting what collateral secures what loans all under your name.