If I purchase a boat to live on can I deduct the mortgage interest on a loan?
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Qualified residence (including boats) interest that may be deducted is limited to interest on the aggregate amount of acquisition indebtedness not in excess of one million dollars . The aggregate amount of home equity indebtedness may not exceed $100,000. This pertains to a first and second home only. Interest over these amounts is personal interesrt and is not deductible.Leave a Comment 447 weeks ago