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Old 05-14-2011, 03:46 AM   #1
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Default Hr 1702

There is a bill in congress HR 1702, "Ending Taxpayer Subsides for Yachts Act. In a nutshell if you have a boat loan and can use the deduction of the interest when filling your taxes on a yearly bases (you can live on it) congress whats to take that away.

Please contact your local elected offical and voice your opinion.

Remember in the 80's when the daddy bush came out with the tax stickers and just about killed the boating industry with that brillant idea? They are trying to do it again.

Thanks

Roger
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Old 05-18-2011, 01:57 PM   #2
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You could always move the collateral you use for the debt IF THIS WERE TO OCCUR. You COULD use different 'property' other than the boat as collateral for the loam, such as home equity. It would most likely be at a lower interest rate to begin with, and would still allow you to deduct the interest.

So, if this occurs you could take a home equity loan at a lower interest rate to pay off the boat loan and continue deducting the interest.

Not ideal, but certainly possible.
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Old 05-18-2011, 03:53 PM   #3
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Have just paid off one...........really I wouldn't want to go that route again. Too much to lose...........god forbid! Young families might not have enough equity in their house yet but still finanicially able to afford a boat of this nature.

As I read into this bill it is the thought of congress that the upper upper earning level boater abuses this somehow. But in all reality it is the under $100,00 household (that is combine household earnings) that makes the most out of this deduction and it helps makes buying of a livin on or weekender type boat feasible to buy.

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