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I have purchased a 40' boat that I am using as a second home. There is a mortgage on it. Can I deduct slip fees and upkeep in addition to the interest on the mortgage?
Or do I need to take clients out on it to deduct the slip fees?
If the boat meets the requirements for a second home, you can deduct the interest on the loan. The slip fees and other expenses connected with the boat are nondeductible personal expenses.
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