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Boat Was A Second Home |
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Dear Edith, About twelve years ago I purchased a 23-foot boat that qualified as a second home, so I was able to deduct interest payments from my taxes. Now the years have passed and I traded it in on a brand new 22-foot travel trailer (which also qualifies for same tax deduction). As the boat was purchased for $8,000 and traded on the trailer for $2,000 can I deduct depreciation on my taxes? |
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I suspect you’re asking about a deductible capital loss on the sale of that boat. Depreciation is something quite different. But at any rate, a loss on the sale of one’s own home, first or second home, is not tax-deductible.
It’s true, though, that a boat or RV can be classified as a residence for income tax purposes, if it has cooking and toilet facilities
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Edith
Originally published on November 6, 2006 |
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