12-20-2018, 02:00 PM
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Senior Member
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Join Date: Mar 2017
Location: ABQ, New Mexico
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A yacht deduction certainly seems like one of those tax loopholes for the rich, but it’s actually a creative use of the mortgage interest deduction anyone can take. In 2018, you can deduct the interest you pay on up to $750,000 in mortgage debt. In order to be eligible, a “home” has to have sleeping, cooking and toilet facilities, which can be a mobile home, trailer or boat. If your primary home is paid off, you could deduct the mortgage interest on that yacht instead.
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