I bought a boat in May 2018. It’s all personal use. Before tax reform, I think I could have treated this boat as a personal home and deducted mortgage interest, but I’m not sure if I can anymore.
I own a home with a mortgage balance of about $600,000 (which I used to buy the home back in 2010), and my boat has a loan balance of about $400,000 (the boat secures the loan).
After tax reform, what deductions can I claim on this boat? ... Log in to view full article.