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ramos777

First Malibu! 23 LSV

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ramos777

Well, after several years of wanting a new bu my wife and I finally got our 08 23 LSV (pics to come). I've leeched this site for a while and decided now that I'm an official bu owner I would sign up. Thanks for all the info on this site...

My question is do any of you use your boat as a "second" home for tax purposes? I've researched it and you need berthing, potty, stove, sink. All of which are easy to obtain in "portable" fashion. I've got friends that have done this with other "non-sport" specific boats but was wondering what you all thought?

O-I forgot to mention that you have to sleep on it at least 14 days a year... very easy to do after a hard day and nights worth of boarding. :)

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SacRiverRat

What would be the tax advantages? If you roll it into your main home equity, you can write off that interest anyway. What other advantanges would be had for trying to justify that it was a second home

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LiQUiDSX
What would be the tax advantages? If you roll it into your main home equity, you can write off that interest anyway. What other advantanges would be had for trying to justify that it was a second home

Prolly isnt into his home equity line.

If the boat is set up as described above, you could write the interest off (similar if it were in the home quity line).

Ive never heard of anyone doing this on a wake boat.

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ramos777
What would be the tax advantages? If you roll it into your main home equity, you can write off that interest anyway. What other advantanges would be had for trying to justify that it was a second home

Prolly isnt into his home equity line.

If the boat is set up as described above, you could write the interest off (similar if it were in the home quity line).

Ive never heard of anyone doing this on a wake boat.

Well, I figured most people didnt do it w/ wakeboats but was curious to know if anyone here had any advice. I'll probably just use it to teach people lessons and give lake tours and write off the expenses when I'm making/losing money...

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chathamsolutions

WELCOME RAMOS777!

And Welcome to the LSV family. You're going to love it.

I asked the same question a few years ago. Seems that some have tried it, and are willing to take the risk. Since our tax laws are basically a 'go for it unless you get caught' system. It's the 'if you get caught' that is the issue. If the boat is sitting in your driveway when the IRS agent comes over, hard to justify the tax write off.

Post those pics when you get 'em!

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99response

Alot of smaller IO's have that sink (in addition to the head) just for the tax write off purpose. I would say you probably can't write off a Malibu.

-Chris

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