Boat Loan Tax Deductions
Tax deduction?
You can purchase a large item like a car or a Boat, or the interest paid on the loan used to buy it, be used as a tax deduction?
No, those who are not deductible on an individual tax return. You may be able to deduct depreciating assests or used in your business, however. If you are a common person, no deduction for those. If you itemize deductions, you can take a deduction of income tax paid the state taxes paid or state sales. You must take what it gives you a larger deduction. If you choose to deduct state sales Tax, you must use the table to their status and income, but you can add on sales tax for big-ticket purchases, like a car, boat, RV or major appliance. You can also deduct the interest on the mortgage, but not the interest on other purchases financed, like a car, boat, etc., or interest credit card.
