REAL Sailing Stimulus Package

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Andy1237

Andy1237

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Jun 30, 2004
446
Hunter 340 St Andrews Bay
Could you could qualify for a tax credit of up to $8,000 to buy a sailboat? Here is the catch-You have to be a First time home buyer (or not have owned a primary residence in past three years) and live on the boat as your main home for the next three years! See IRS Form 5405! The definition of main home:
Main home. Your main home is the one you live in most
of the time. It can be a house, houseboat, housetrailer,
cooperative apartment, condominium, or other type of
residence.

REALLY,


If you can claim a houseboat why can't you claim a sailboat!?:dance:

NOTE: This is NOT a professional opinion, merely an observation.​

 
B

Benny

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Sep 27, 2008
1,149
Hunter 320 Tampa, FL
IRS defines houseboat as a boat you live in, it can be a power boat, a sailboat, a pontoon boat or a raft etc. You need to have a galley and a head. Wether you can get a first time home buyer incentive talk to your CPA or tax attorney.
 
Andy1237

Andy1237

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Jun 30, 2004
446
Hunter 340 St Andrews Bay
I think we are on to somethink Benny. It may bring the economy back to Florida
 
Stu Jackson

Stu Jackson

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Feb 26, 2004
23,353
Catalina 34 224 Maple Bay, BC, Canada
FL and boaters

Andy1237 said:
I think we are on to somethink Benny. It may bring the economy back to Florida
Click to expand
Maybe not with the way they seem to eb trying to deal with boaters in that state???
 
RECESS

RECESS

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Dec 20, 2003
1,509
Catalina 27 . St. Mary's Georgia
I have a friend that is a veterinarian that purchased a huge RV land yacht and claimed it as a mobile clinic. No animal will ever actually step into it. He gets to claim it as a business expense for about 5 years. I think you can actually get more of a tax credit if you are a business owner and claim that you use the boat directly for your business.
 
sailingdog

sailingdog

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Oct 22, 2008
3,502
- Telstar 28 Buzzards Bay
It requires a permanently installed galley and head. A boat with a portapottie has a head, but it doesn't fit the requirements. A boat with a camping stove has a galley, but also doesn't meet the requirements. :)

Benny said:
IRS defines houseboat as a boat you live in, it can be a power boat, a sailboat, a pontoon boat or a raft etc. You need to have a galley and a head. Wether you can get a first time home buyer incentive talk to your CPA or tax attorney.
Click to expand
 
William12213

William12213

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Mar 3, 2007
139
Catalina 36 Lexington Mi
The boating industry needs to figure this one out and use it if it can be done. I have to say I never thought of it. I write of the interest I pay every year on my boat as a home but it never dawned on me about using the tax credit.
 
Ctskip

Ctskip

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Sep 21, 2005
732
other 12 wet water
Check with your CPA. I know we use our boat as a second home and use it accordingly when it comes to tax deductions and depreciation schedules.

Keep it up,
Ctskip
 
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