Boaters can take advantage of tax deductions (TradeOnlyToday.com)
When Congress adjourned for 2007, members left in place two federal income tax deductions of potential benefit to boat owners, according to the Boat Owners Association of the United States. A boat is treated like a second home for federal tax purposes if it has a galley, a head and sleeping berth. Mortgage interest paid on the loan is deductible from federal income taxes. Taxpayers may use the mortgage interest deduction for one primary home and one second home and must itemize deductions on their returns.