first time home buyers tax credit
- Thread starter albin43
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Capn Chuck
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Interesting how you did that since it was my understanding that you need to supply documentation for the home purchase and boats sales agreements are a bit different from a house. So how were you able to get the first time buyers credit?
Capn Chuck
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That is fine but for the purpose of getting a tax credit you are required to provide specific paperwork to the IRS which is not the same as a boat purchase.
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- Now boatless - sold 6/2018
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On the subject of boats, yours in particular Daddyo, what design name is that one of yours known under over there in the US?* It looks very much like one sold here in Oz as the Blue Seas 36.
*
Keith
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To qualify as a second home for interest write-offs, your boat needs a sleeping area, a cooking area and a head.
Keep in mind though, you don't have the same rights as you do in a house. Coasties can enter any time without a warrant, since it's still a form of transportation and not a "house" even though you live there. Think of your civil rights as if you were living in a car.
Keep in mind though, you don't have the same rights as you do in a house. Coasties can enter any time without a warrant, since it's still a form of transportation and not a "house" even though you live there. Think of your civil rights as if you were living in a car.
Capn Chuck
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Thanks everyone, I am well aware of the tax statements and advantages of living on the boat since we have been doing it for almost 18 years. My question ask and answered was what forms albin43 used on his tax form to get the homeowners credit since this is a new credit requiring specific documentation to receive the credit.
Tom.B
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I was told you need to be renting it out to have it qualify for tax credits. i.e. investment property income generating. True or not? Just bought this year... time to do taxes... Need HELP!
Capn Chuck
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Gonzo, This is a whole different set of deductions you are referring to and does not apply to the home buyers tax credit we have been discussing. Unless you rent or charter your boat you can not use the types of deductions you ask about and the percentages are set by the tax codes. Chuck
Capn Chuck
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I didn't say that. It does not qualify for the first time home owners credit if you did not just buy it last year and it is your full time residence. You don't get deductions for things that would apply to rental properties. It does qualify as a second home if you do not already have one and you can use second home tax deductions.
-- Edited by Capn Chuck on Monday 8th of February 2010 06:52:32 AM
-- Edited by Capn Chuck on Monday 8th of February 2010 06:52:32 AM
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