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#559561 - 03/09/15 11:58 AM
Re: Second Home and Charter
[Re: deepv]
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Joined: Dec 2003
Posts: 3,931
athiker
Admiral
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Admiral

Joined: Dec 2003
Posts: 3,931
Lake Norman, NC
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These guys should know. Pensco Trust Co This is where I have my self-directed IRA, not recommending them, its just for a while there it was hard to find a custodian for self-directed IRAs. There may be many more now, I haven't shopped around in a while. I own land in it, but do not rent back from it. Its actually "alligator" land...it just eats. A lake front lot I bought years ago as a long-term investment. There are more fees involved than a traditional IRA as well. If I had it to do over again, with LT capital gains taxes where they are and the extra hassles, I don't think I would've bothered. I don't know why anyone would put an asset that is expected to lose value in a tax sheltered account, but may be missing something?
2000 Cobalt 206 5.7L EFI Alpha 1
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#559611 - 03/14/15 12:17 AM
Re: Second Home and Charter
[Re: deepv]
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Joined: Feb 2003
Posts: 11,943
Frantically Relaxing
Admiral
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Admiral
Joined: Feb 2003
Posts: 11,943
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Our motorhome, the SkipperLiner, and the Party Cruiser all qualify as 'second homes'. The motorhome is our 'tax advantage' unit, but the only actual tax advantage is being able to deduct the loan interest. (and it's the only one we owe money on). Property and other taxes aren't deductible on a federal level on any of them, but all taxes and fees are deductible on our state taxes. If you charter/rent/lease/charge someone to use your boat, then it becomes a business, and you'll of course need a biz license. As business equipment, virtually every $$ you spend on it is deductible. If your business shows a net gain, all of it can be spent on the boat and deducted, and you'll have no extra income or taxes to pay. But if you have a net business loss, you won't be able to deduct the loss from your other personal income. Losses can only be applied against the next year's biz income. I'm sure there's clever loopholes available, but I'll never know about 'em.. 
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