looking for a trawler

[Cjsangster]

My Mainship Nantucket has no teak to speak of. It is Loop ready and in very good condition.

 

[Deem Covenant]

Any interest in our boat? 1984 Trawler Ta Chiao Power Boat For Sale - www.yachtworld.com

 

[dhays]

Old Dan, I think you may be mistaken about being able to deduct interest as if it were a second home. We just bought our Great Harbour 37, financed it for two reasons: [1] Convenience, we'll have the money in a year without dipping into investments, and [2] the 2nd home mortgage interest deduction. Our CPA said that disappeared with the tax legislation of late 2017. Consequently, we are NOT able to deduct the interest. I'm not a tax professional, just relating our experience.

The tax law did change the laws regarding home interest but you can still deduct the interest on a 2nd home. However, the debt limit has been reduced from 1 million to $750k. So, for NEW mortgages the most you can deducts is the interest on $750k of debt. If you already have a debt over that, you can continue to right off the interest on it up to the old limit of 1 million in debt.


You can right off the interest on a second home (or boat if it qualifies) up the debt limits above. So if you have a $750k debt on your home, you can't right off the interest on a new boat. OTOH, my combined debt for home and boat is only about $360k so I can right off the interest on both.


So, check with your CPA to see if your boat qualifies.

 

[OldDan1943]

Old Dan, I think you may be mistaken about being able to deduct interest as if it were a second home. We just bought our Great Harbour 37, financed it for two reasons: [1] Convenience, we'll have the money in a year without dipping into investments, and [2] the 2nd home mortgage interest deduction. Our CPA said that disappeared with the tax legislation of late 2017. Consequently, we are NOT able to deduct the interest. I'm not a tax professional, just relating our experience.

Bummer, there goes my only deduction. I will check with my CPA.
My Atlanta condo is paid for, my boat is not. I spend 10 months of the year on my boat in FL. My legal residence is GA. To change my residence to FL, just get a FL driver's license and voter's registration and presto, I am now a FL resident. No longer will I pay GA income tax. FL does not have an state income tax nor an inheritance tax.

 

[dhays]

Bummer, there goes my only deduction. I will check with my CPA.

I think you are still just fine Dan. However, if that is your only deduction, it is possible that you will do better with the new standard deduction. But, check with the pros that know.


I'm at the point where I am pretty much debt free other than those two loans. I don't want to pay them off more quickly as I can get a better rate of return on my investments than I am paying on the deductable interest.

 

[Deem Covenant]

It is listed on Yachtworld. Located in Chestertown, MD. If you do a search on 35' trawlers made by Ta Chiao, you will find her. The pic you'll see first is her port side in the slip.

 

[OldDan1943]

I think you are still just fine Dan. However, if that is your only deduction, it is possible that you will do better with the new standard deduction. But, check with the pros that know.


I'm at the point where I am pretty much debt free other than those two loans. I don't want to pay them off more quickly as I can get a better rate of return on my investments than I am paying on the deductable interest.

Nawww, I suspect I will still have to pay quarterly because of the stock market income.
Tax laws are strange, sort of like a ballon. The Feds give you a larger deduction on one side and take away a deduction on the other side. End result, if you are lucky, the balloon will be the same size after the change in the tax laws.

 

[Cjsangster]

It is listed on yachtworld as "1987 36ft Mainship Nantucket", Brunswick Georgia, listed with Curtis Stokes. See description and several photos.

 

[paulga]

The tax law did change the laws regarding home interest but you can still deduct the interest on a 2nd home. However, the debt limit has been reduced from 1 million to $750k. So, for NEW mortgages the most you can deducts is the interest on $750k of debt. If you already have a debt over that, you can continue to right off the interest on it up to the old limit of 1 million in debt.


You can right off the interest on a second home (or boat if it qualifies) up the debt limits above. So if you have a $750k debt on your home, you can't right off the interest on a new boat. OTOH, my combined debt for home and boat is only about $360k so I can right off the interest on both.


So, check with your CPA to see if your boat qualifies.

a little off topic, but I want to confirm is the "interest payment tax deduction" that goes to form 1040A is the combined number (mortgage interest + boat loan interest, it doesn't matter which one is "first home") as long as the combined loan principal <= $750K.
if the combined loan is $760K, then the interest payment deduction becomes 0, right?

 

[Sunset]

We canucks cannot even deduct home mortgage interest, let alone boat loan interest, so back on topic.
I am also onthehunt for a trawler in the $35K to 45K range, and am running across the same listings. Not able to move until the house sells though. Im looking for single diesel aft cabin flybridge with minimal teak, and a separate head/shower(tub?). Most 34s don’t have a separate shower so looking at 36s mainly. There is an Albin 34 that does have a small tub and no extrrior wood, right price, but has the larger Cummins engine. Claims 3.5 gph @8kts. Seems high?. Would economy improve significantly at 6 or 7 kts?

 

[Sunset]

It is listed on Yachtworld. Located in Chestertown, MD. If you do a search on 35' trawlers made by Ta Chiao, you will find her. The pic you'll see first is her port side in the slip.

On my list now.

 

[Lakemom11]

MT sundeck

Hi there. I have the exact boat!!!! I love her!!! I love the layout, I love the generator, I love the aft sundeck! She did great in hurricaine Irma....
I live aboard and i've been on lots of my friends trawlers and I love mine the best!! Great liveaboard layout!! With one engine and no bowthruster, it's a challenge though. I took a day lesson on tight quarter maneuvering.. and by the end I backed it in twice. Can you tell I really love this boat.. and for $39000, your sure getting alot of boat!!!
Good luck to you!
Cathy

 

[RT Firefly]

Greetings,
Welcome aboard 11.

 

[paulga]

that MT sundeck? it was sold two months ago. the agent for some reason did not update it.

 

[Art]

Nawww, I suspect I will still have to pay quarterly because of the stock market income.
Tax laws are strange, sort of like a ballon. The Feds give you a larger deduction on one side and take away a deduction on the other side. End result, if you are lucky, the balloon will be the same size after the change in the tax laws.

Good analogy.

 

[Art]

Hi there. I have the exact boat!!!! I love her!!! I love the layout, I love the generator, I love the aft sundeck! She did great in hurricaine Irma....
I live aboard and i've been on lots of my friends trawlers and I love mine the best!! Great liveaboard layout!! With one engine and no bowthruster, it's a challenge though. I took a day lesson on tight quarter maneuvering.. and by the end I backed it in twice. Can you tell I really love this boat.. and for $39000, your sure getting alot of boat!!!
Good luck to you!
Cathy

Welcome Lm11, Cathy! I love that you LOVE your boat. Many here have the same delightful affliction... Linda and I sure do!

Boat LOVE is unlike any other "style" of love. Due to the reasoning [applicably so] that the boat actually has a soul and choses us, not we they.

This can be proven by the current two boats Linda and I own. Upon hearing about and then carefully reviewing each there was an unusual connection between we and they that occurred. Sea trials and all that survey stuff as well as some horse-trading also needed to turn out A-OK before we began full embrace with each craft. But then - watch out... Love was in the air, err water!!

Proof in the putting here is that both boat's ads came to us under rather unusual/weird circumstances with both sellers needing to sell due to unusual/weird circumstances.

End result was a great, well laid-out and outfitted, live aboard-capable, very comfortable Tollycraft [although we do actually live in a dirt house and only play with our boat]. And the best, coolest tow behind runabout imaginable.

Boat LOVE can not be denied as well as boat soul is absolutely provable.

Happy Boat Daze! - Art

 

[Donna]

that MT sundeck? it was sold two months ago. the agent for some reason did not update it.

That’s too bad. I have a 1986 36ft. Sundeck. Love her! I have a single Mercedes engine and bow thrusters. Honestly I don’t think I would buy a single without the thruster. It makes life easy.

 

[ben2go]

@paulga, Have you looked into Downeast style cruisers built on lobster boat hulls? a 36' x 12' fell into my lap last month and it was gone before I could secure financing. It had an aft cabin with full bathroom outside, full kitchen, seatee, and the V birth were a convertable. It could be a lounge with a table or a sleeping area. It had an inside helm along with a flybridge. A full canvas enclosure was around the flybridge and rear deck. Unheated I'm sure. It had a diesel fired cook stove/heater that heat the boat and hot water for the sinks and shower. It had marine ac units, two if I remember right. The boat build minimized maintenace as far as bright work. Everything metal that could be stainless steel was. The hull was solid glass. It ran economically at 1.6gph at 6knts turning 1400rpm. Max speed was 16-18knts at 2600rpm on a clean bottom, so probably 12kts after a few months in the water. Was a nice boat and ready to go at $48,000. The hull was made in 1988. Finished build was 1992.


They pop up on the downeast boat forum. I'm a member there just like here.

 

[markpierce]

Thanks! I think you just saved me some money!

These articles may be of interest:

https://jphadvisory.com/mortgage-interest-deductible-taxes-2018/

https://finance.zacks.com/rules-deducting-second-home-mortgage-interest-2745.html

Deductibility is effectively limited by the extent of the standard deduction. Because of the doubling of the standard deduction and limit to the deductibility of state and local taxes (my state and local taxes exceed the standard deduction), in 2018 I'll be using the standard deduction with the result of a higher tax liability.

 

[paulga]

@paulga, Have you looked into Downeast style cruisers built on lobster boat hulls? a 36' x 12' fell into my lap last month and it was gone before I could secure financing. It had an aft cabin with full bathroom outside, full kitchen, seatee, and the V birth were a convertable. It could be a lounge with a table or a sleeping area. It had an inside helm along with a flybridge. A full canvas enclosure was around the flybridge and rear deck. Unheated I'm sure. It had a diesel fired cook stove/heater that heat the boat and hot water for the sinks and shower. It had marine ac units, two if I remember right. The boat build minimized maintenace as far as bright work. Everything metal that could be stainless steel was. The hull was solid glass. It ran economically at 1.6gph at 6knts turning 1400rpm. Max speed was 16-18knts at 2600rpm on a clean bottom, so probably 12kts after a few months in the water. Was a nice boat and ready to go at $48,000. The hull was made in 1988. Finished build was 1992.


They pop up on the downeast boat forum. I'm a member there just like here.

I don't fish, so the fishing area is a waste of the tight boat space to me

 

[ben2go]

I don't fish, so the fishing area is a waste of the tight boat space to me

I understand that. I am the same. The Downeast and lobster type boats are converted to cruisers with flare. No longer fishing boats, they are lighter, have a good top speed of around 12-18kts. An economy cruiser would be around 1 to 2 gph fuel burn at around 8kts. Keep an open mind. A 36'x12' boat has a lot of space whe they are fitted out as a full blown cruiser.



This boat is priced a bit high but just something to think about.
1984 Nauset Downeast Cruiser - Solid Fiberglass Hull Power Boat For Sale

 

[markpierce]

I fish at the local supermarket, so no need to compromise the boat's configuration to accommodate fishing.

Regardless, when some boatless acquaintences learned I acquired a boat, they asked do I fish. When I said "no" they looked at me quizzically.

Buehler's original design for the Coot had a larger cockpit (smaller saloon) and a secondary helm in the cockpit, with provision for crane for crabbing.

 

[geoleo]

I understand that. I am the same. The Downeast and lobster type boats are converted to cruisers with flare. No longer fishing boats, they are lighter, have a good top speed of around 12-18kts. An economy cruiser would be around 1 to 2 gph fuel burn at around 8kts. Keep an open mind. A 36'x12' boat has a lot of space whe they are fitted out as a full blown cruiser.



This boat is priced a bit high but just something to think about.
1984 Nauset Downeast Cruiser - Solid Fiberglass Hull Power Boat For Sale

I don't believe the 2GPH @8kn! Maybe 3 gph @4kn

 

[KidSheeleen]

One factor to remember is the boat insurance. Insurance companies need to know your boating history also any nautical school or licenses you hold. many marinas in my area (Florida) require insurance if staying in a slip whether as a live aboard or short or long term. It,s best to look, compare the trawlers and tour the trawlers. Also most insurance companies and lending institutions may or will require a servey. Good luck on your quest , when you find "the" boat you will know it. don't rush all kinds of trawler sites to locate the boat of choice.

 

[dhays]

a little off topic, but I want to confirm is the "interest payment tax deduction" that goes to form 1040A is the combined number (mortgage interest + boat loan interest, it doesn't matter which one is "first home") as long as the combined loan principal <= $750K.

if the combined loan is $760K, then the interest payment deduction becomes 0, right?

As I understand it (keep in mind that since I don’t have mortgage debt at that level that I’ve not paid a lot of attention) you can deduct the interest on the first $750k in debt. So in your $760k example, you would not be able to deduct the interest on that extra $10k.

Again, I don’t know how that would be done but your CPA can figure it out.

 

[markpierce]

Believe only mortgage interest related to purchase or improvement in deductible, not for cashing in on the property's appreciation.

 

[paulga]

I understand that. I am the same. The Downeast and lobster type boats are converted to cruisers with flare. No longer fishing boats, they are lighter, have a good top speed of around 12-18kts. An economy cruiser would be around 1 to 2 gph fuel burn at around 8kts. Keep an open mind. A 36'x12' boat has a lot of space whe they are fitted out as a full blown cruiser.



This boat is priced a bit high but just something to think about.
1984 Nauset Downeast Cruiser - Solid Fiberglass Hull Power Boat For Sale

that might be a good boat, but price is out of my budget when I have many choices in the 50k level, I don't see a strong motivation to double the budget

 

[Islanddreamer]

Coming late to this party, but my 78 Albin is a pretty solid boat, runs great, and has decent room inside. Depends on what you are after. Some folks can live on a boat this size, but the layout in ours wouldn’t work for us. Weekends are great though. There are a lot of older boats available... just make sure it wasn’t neglected and that normal maintenance was performed.

Upgrades are nice as long as they were properly done. Teak removal is ok too but does take away much of the character of the boat. We don’t mind teak......

 

[pompom]

Cruise, if you are still looking I have a 83 mainshipIII , repowered with a 260 Yanmar. It runs great and has never been out of the great lakes. I have had it for 30 years it is a good boat.

 

[nodestination]

is this 1980 Manship 34' trawler worth a look? The 1980 Perkins engine has only 1375 hours over almost 40 years, or 34 hours usage per year, is it a bit low.

this 1988 Marine Trader sundeck has a Ford Lehman 2715E and 3000 hours or 100 hrs per year, more reasonable.

I heard engine rebuilt is costly (40k-50k). I would want an economical and reliable built boat, and low maintenance cost in the future.

The bulls about cost of engines. You can buy rebuild Lehman fro 3200 to 5000. Taking the motor out it is another story, but can be done on budget.
Friend of mine blow the engine (Lehman) and had to replace it. Got the engine for 3000 and 1000 to replace.