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New Member

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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New Member

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.

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New Member

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.

View solution in original post

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?

I don't think upkeep on your home is business expense either.
Level 9

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.
New Member

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 9

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.