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Level 1

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?
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Level 1

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?

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.

5 Replies
Level 1

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?

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.

Level 19

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?

I don't think upkeep on your home is business expense either.
Level 14

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?

For interest and property taxes to be deductible, a second home must have sleeping, cooking, and toilet facilities permanently installed.
Level 1

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?

I have met the requirements. As for the slip fee, I thought that if one owned a manufactured home that was on leased or rented land in a trailer park the land portion was deductible, hence the question about the slip fee??
Level 14

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?

The slip fee would not be deductible.  Nor is leased or rented land in a trailer park.  
Some states apply a personal property tax to a mobile home or boat.  That is deductible as an itemized deduction.  The tax must be based solely on the value of the property to be allowed.