Article Date:
October 2018


Word Count:
593

 

 

Q&A: Did Tax Reform Take Away My Boat Deductions?


Question

 

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.

Log in to view full article
Already a subscriber?
 
Email Address

 
Password

Log In Send me my password

You'll be able to read the full article and get instant access to the last few issues of the Tax Reduction Letter

Not yet a subscriber?
 
with a money-back guarantee