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11-18-2018, 05:24 PM
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#81
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Guru
City: Aventura FL
Vessel Name: Kinja
Vessel Model: American Tug 34 #116 2008
Join Date: Oct 2017
Posts: 10,595
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Whenever I pay too much, I cant remember.
I own 2 slips in the same marina. I wonder why?
__________________
Two days out the hospital after a week in the hospital because of a significant heart attack.
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11-18-2018, 05:25 PM
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#82
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Veteran Member
City: Glenshaw
Join Date: Sep 2018
Posts: 27
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I guess the 10% rule is not working out when you are paying 20% of your boat price on slip fees.
$36k boat and $7.5k/yr on slip
..or are slip fees additional to the 10%?
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11-18-2018, 06:17 PM
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#83
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Guru
City: Aventura FL
Vessel Name: Kinja
Vessel Model: American Tug 34 #116 2008
Join Date: Oct 2017
Posts: 10,595
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Quote:
Originally Posted by frndrfoe
I guess the 10% rule is not working out when you are paying 20% of your boat price on slip fees.
$36k boat and $7.5k/yr on slip
..or are slip fees additional to the 10%?
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Easily corrected, buy a more expensive boat.
For our resident CPA, if we have one, 2018 do we lose the second home mortgage deduction?
__________________
Two days out the hospital after a week in the hospital because of a significant heart attack.
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11-18-2018, 07:00 PM
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#84
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TF Site Team
City: California Delta
Vessel Name: FlyWright
Vessel Model: 1977 Marshall Californian 34 LRC
Join Date: Apr 2008
Posts: 13,728
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I have a $40-45K boat and pay $350/mo or $4200/yr for my covered slip in protected, brackish water. That's 10% for just the slip, but you can't beat $0 for a slip!
All in, I'm about $8-9K per year. That's a whole lotta fun for the cost. IMO, it's still worth it at twice the price!
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11-18-2018, 07:49 PM
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#85
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Guru
City: Vallejo, California
Vessel Name: Mahalo Moi
Vessel Model: 1986 Grand Banks 42 Classic
Join Date: Jun 2008
Posts: 2,093
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Quote:
Originally Posted by frndrfoe
I guess the 10% rule is not working out when you are paying 20% of your boat price on slip fees.
$36k boat and $7.5k/yr on slip
..or are slip fees additional to the 10%?
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The 10% rule only applies to maintenance, repairs, upgrades, etc. Slip fees, insurance, documentation and other fixed costs don’t count. My slip in Vallejo, California is only a fraction of a slip in Newport Beach, California. However, parts are parts...
__________________
Ray
"Mahalo Moi"
1986 GB-42 Classic
ΜΟΛΩΝ ΛΑβΕ
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11-18-2018, 07:49 PM
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#86
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Guru
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,449
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Quote:
Originally Posted by OldDan1943
Easily corrected, buy a more expensive boat.
For our resident CPA, if we have one, 2018 do we lose the second home mortgage deduction?
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You can deduct the interest on up to $750,000 of mortgage total on the first and second home in 2018.
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11-18-2018, 08:01 PM
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#87
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Guru
City: Aventura FL
Vessel Name: Kinja
Vessel Model: American Tug 34 #116 2008
Join Date: Oct 2017
Posts: 10,595
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Quote:
Originally Posted by BandB
You can deduct the interest on up to $750,000 of mortgage total on the first and second home in 2018.
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Goodie, I am home free again. Thank you. BIG SMILE
__________________
Two days out the hospital after a week in the hospital because of a significant heart attack.
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11-18-2018, 09:56 PM
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#88
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Guru
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,449
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Quote:
Originally Posted by OldDan1943
Goodie, I am home free again. Thank you. BIG SMILE
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Note: When I say up to $750,000 of mortgage total on the first and second home in 2018, I do mean combined.
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11-18-2018, 11:00 PM
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#89
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Guru
City: Sydney
Vessel Name: Sojourn
Vessel Model: Integrity 386
Join Date: Oct 2011
Posts: 13,333
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Quote:
Originally Posted by BandB
You can deduct the interest on up to $750,000 of mortgage total on the first and second home in 2018.
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Why is interest on a(presumably) non income producing principal place of residence tax deductible? We had it once, never quite understood why, but was happy to take the deduction.Maybe it encouraged property ownership/investment.
Here there is a move to extinguish deductions on negatively geared investment property (ie where expenses exceed income, interest often being the main component). People offset the loss against other income,like salary, thus reducing tax. Existing property will be grandfathered. As I see it,if someone makes a loss on an investment, and it`s real,they ought get a deduction.
__________________
BruceK
2005 Integrity 386 "Sojourn"
Sydney Australia
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11-18-2018, 11:01 PM
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#90
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Guru
City: Ingleside-On-The-Bay, Texas
Vessel Name: Papillon
Vessel Model: 1978 Mainship 34 Trawler #95
Join Date: Jan 2018
Posts: 643
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16 years ago when I needed a slip I bought three canal front lots with a 75 foot bulkhead. I paid $24,000 for ALL THREE lots. at an interest rate of 2% I was paying $480 a year for two slips in lost interest. I rented one out for $180 a month so my cost for the other one is less than zero and the extra money pays for the electricity, mowing, and Taxes. And in the 16 years the value of the lots has increased tenfold. I had one person say they would buy the lots from me and give me a 99 year lease on the bulkhead for $1. I may go that way. But I am afraid I will not live 99 years and will loose some of that $1 if I die.
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11-18-2018, 11:35 PM
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#91
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TF Site Team
City: California Delta
Vessel Name: FlyWright
Vessel Model: 1977 Marshall Californian 34 LRC
Join Date: Apr 2008
Posts: 13,728
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Maybe if you talk him down to 50 cents...it might be a good deal.
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11-19-2018, 01:05 AM
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#92
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Master and Commander
City: Vallejo CA
Vessel Name: Carquinez Coot
Vessel Model: penultimate Seahorse Marine Coot hull #6
Join Date: Sep 2010
Posts: 12,559
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Since local and state taxes are now limited to $10,000 of taxable-income and without home or boat mortgage interest, I'm limited to the standard, unitemized tax deduction. ... My financial happiness entering retirement was to have no mortgage interest and my children completing college and becoming financially independent.
__________________
Kar-KEEN-ez Koot
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11-19-2018, 05:34 AM
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#93
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Guru
City: Aventura FL
Vessel Name: Kinja
Vessel Model: American Tug 34 #116 2008
Join Date: Oct 2017
Posts: 10,595
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Quote:
Originally Posted by BandB
Note: When I say up to $750,000 of mortgage total on the first and second home in 2018, I do mean combined.
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The primary is paid for so I am still 'golden'. Thanks for the clarification.
__________________
Two days out the hospital after a week in the hospital because of a significant heart attack.
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11-19-2018, 05:38 AM
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#94
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Guru
City: Annapolis
Vessel Name: Ranger
Vessel Model: 58' Sedan Bridge
Join Date: Aug 2013
Posts: 7,088
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Quote:
Originally Posted by markpierce
Since local and state taxes are now limited to $10,000 of taxable-income ...
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???
Only $10K of your income is taxable?
Or your local/state income tax is capped at $10K?
Or...?
-Chris
__________________
Chesapeake Bay, USA
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11-19-2018, 05:40 AM
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#95
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Guru
City: Annapolis
Vessel Name: Ranger
Vessel Model: 58' Sedan Bridge
Join Date: Aug 2013
Posts: 7,088
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Quote:
Originally Posted by BruceK
Why is interest on a(presumably) non income producing principal place of residence tax deductible? We had it once, never quite understood why, but was happy to take the deduction.Maybe it encouraged property ownership/investment.
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I think that was exactly it: to encourage (even enable) home ownership.
Another impact is that it encouraged/expanded a market for mortgage instruments, sort of like growing banks. Don't know if that was intentional, at least on the government side. Might have been influenced by the bank lobbies.
-Chris
__________________
Chesapeake Bay, USA
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11-19-2018, 09:20 AM
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#96
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Guru
City: Ingleside-On-The-Bay, Texas
Vessel Name: Papillon
Vessel Model: 1978 Mainship 34 Trawler #95
Join Date: Jan 2018
Posts: 643
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Quote:
Originally Posted by ranger42c
Don't know if that was intentional, at least on the government side. Might have been influenced by the bank lobbies.
-Chris
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Nothing is "intentional" in government. Its always "unintended consequences." They dont think that far ahead.
I dont think the mortgage interest limitation extends to income/investment property.That would kill industry and send us into the greatest depression ever.
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11-20-2018, 10:14 AM
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#97
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Guru
City: Gig Harbor
Vessel Name: Kinship
Vessel Model: North Pacific 43
Join Date: May 2015
Posts: 9,046
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As others have mentioned, the interest deduction is capped at a total of $750,000 home mortgage for a single home or for two homes (yeah, I deduct my boat interest as a 2nd home). My combined initial mortgages are less than that cap. That is one reason why I’ve not been trying to accelerate my payment of those two loans since the government is essentially paying 25% of that interest for me.
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11-20-2018, 10:52 AM
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#98
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Guru
City: Northport
Join Date: Aug 2015
Posts: 2,046
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Quote:
Originally Posted by OldDan1943
The primary is paid for so I am still 'golden'. Thanks for the clarification.
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If the primary is paid for it is possible that the standard deduction will be more than your itemized list - then its back to the start.
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11-20-2018, 12:47 PM
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#99
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Guru
City: Long Beach, CA
Vessel Name: Aquarius
Vessel Model: Californian 55 CPMY
Join Date: May 2018
Posts: 725
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Ok time for me to dip into these shark infested waters. I bought a 32' sailboat in 1986 for $18,000. Put a couple thousand into it. 15 years later spent $14,000 on a refit. 5 years after that I sold her for $12,000. I can't tell you how many nights were spent aboard, or at anchor. Probably averaged a trip to Catalina Island every three months for the 20 years we owned her.
Bought a 47' trawler in 2007 (baaaaad timing) Paid $174,000. Put $28,000 into her. Sold her in 2010 for $139,000. Like I said, bad timing. One trip to Catalina. One trip to Ensenada MX. A bunch of weekends and overnights in Glorietta Bay. Learned a lot about diesel engines, nav gear, toilets, etc. Hard to say the words but I always felt I'd do it again.
So I did. Just bought Aquarius for $220,000 probably putting $40,000 into her this year. Then it should stabilize. When you first buy a boat you need to fix all the stuff the last owner put off because he was going to sell her or didn't use it, or her. You want it a certain way so you pour in time and money. Then hope it all slows down to a creep.
By the way, my cost numbers above did not include insurance, slip fees, bottom cleaning, fuel, nor a bunch of other little items. Just bigger improvements and repairs.
You know I have a $450 bolt on my port Cat 3208. Now I know a bunch of you are wondering what that might be. Well my port oil cooler began leaking after my first trip to Catalina. With some effort and time my mechanic and I were able to get the bottom bolt off. However, putting it back on after cooler replacement was extreme. Because of the placement of a second generator, my poor mechanic eventually had to go over the top of the engine resting on his head and neck, feet hitting the top of the engine room and he was barely able to get the bolt started. Me pulling him out of there was touch and go. Then he put a wrench on it, kerplunk, out she dropped. Then over the top again; then kerplunk; third time was a charm and at $100/hr I think really it must be a $600 bolt including getting it out.
I love boating.
__________________
Aquarius 1991 Californian 55 CPMY Long Beach CA
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11-20-2018, 12:48 PM
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#100
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TF Site Team
City: Westerly, RI
Vessel Name: N/A
Vessel Model: 1999 Mainship 350 Trawler
Join Date: Jan 2014
Posts: 4,162
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I wouldn't worry about percentage of boat value. That means nothing. You could spend way less or 5 times that in any given year.
((purchase price - sell Price) + Expenses) / Days used = Cost per day.
That's how we do the math.
Either you can live with the number or you can't. Best way to drive the "Cost per day" down is to USE THE BOAT.
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