Do you own or plan to buy a boat for personal use?
If so, before you weigh anchor, be sure to read the full article.
You see, we’ll explain what tax deductions are available to you and whether the Tax Cuts and Jobs Act will strip you of those valuable deductions.
Don’t miss the important information we’ve got waiting for you when you read my new article titled Tax Tips: Q&A: Did Tax Reform Take Away My Boat Deductions?
Three ways our fact-filled article can help you:
- We’ll tell you what the law says about sales taxes. The good news? You can elect to deduct state and local sales taxes in lieu of state and local income taxes as itemized deductions on Schedule A. The bad news? The Tax Cuts and Jobs Act (TCJA) tax reform limits the sales and income tax deduction to $10,000 per year for years 2018 through 2025. You’ll get the whole story when you read the full after-tax-reform article.
- Mortgage interest. The good news. You can deduct mortgage interest on your principal residence and one other residence of your choice. Your boat qualifies as a residence if it satisfies three criteria. We’ll tell you what they are when you read the full after-tax-reform article.
- Mortgage interest. The bad news. The Tax Cut and Jobs Act changed the interest deduction rules for 2018 through 2025. Determining exactly how much interest you can deduct from your boat is tricky as we’ll explain when you read the full after-tax-reform article.