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I have a yatch and I live on it 6 months a year. Can I deduct any intrest payments.
I've been paying on it since 9/17/2015
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June 5, 2019
10:56 PM
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June 05, 2019
10:56 PM
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I have a yatch and I live on it 6 months a year. Can I deduct any intrest payments.
Yes, if your yacht has a galley, a head and a sleeping berth, it can be considered a home or a second home, and you can deduct the interest payments on a loan secured by the vessel as home mortgage interest.
See this link under Qualified Home. https://www.irs.gov/publications/p936/ar02.html#en_US_2016_publink1000229900
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June 5, 2019
10:56 PM
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