mortgage interest deduction?

[b_arrington]

Yeah right. Heard it all before.
And let's not talk about states that have personal property taxes. Then, you need to buy a second hand rusty old car, and god forbid you own a boat.

Greener grass for sure.

I just found out about this first hand. I live in NY, but bought my in South Carolina where the prior owner lived. It wintered there until I could run it up the coast to my home in NY. Last week I got a bill in the mail from the local SC tax auditor claiming I owned personal property tax on the boat. Being a New Yorker, this was a totally alien concept to me.

They way the boat tax is calculated for a documented boat, it's based on 6% of the MARKET VALUE, times a "millage rate" of 0.25080. That's a lot of annual tax if they get the market value right. I was told by some folks that live there that cars have a similar annual tax.

 

[Woody]

Boatman's post #38 fired up a 3yo thread.

 

[boatman37]

Boatman's post #38 fired up a 3yo thread.

Not me. The 'spammer' I was responding to started it...lol

EDIT...there were 2 posts under 2 different usernames but similar content and both had a BMW listed in their details but those posts have been deleted. I've been set up...lol

 

[boatman37]

Back in 80s 90s I used to write off boat interest as a 2nd home. I think that went away.
Consult your tax professional.
Don’t blame me when IRS locks your ass up. Mine paid for. I be floating.

Nah...I'm not deducting it. Gave everything to my CPA and he said 'nope'

 

[b_arrington]

Last year my accountant said the boat loan interest is still deductible.

 

[firecadet613]

Last year my accountant said the boat loan interest is still deductible.

It still is, but with the standard deduction increased a few years ago, fewer are itemizing deductions.

 

[bbwhitejr]

Last year my accountant said the boat loan interest is still deductible.

Ditto...

Bennett