You can consider the boat your principal residence or a second home. As such, you can deduct mortgage interest, mortgage insurance, and real estate taxes. Enter the information as if it was reported on a 1098. To do this: Click on Federal > Deductions & Credits. In the Your Home section, click on the Start/Revisit box next to Mortgage Interest, Refinancing, and Insurance. [ If you haven't entered any mortgage information yet, just proceed through the screens, entering the requested information on your mortgage. If you've already entered information on your mortgage, you will see the Review your 1098 info screen. Click add another 1098.

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mzdomke

Question

Tax Year Prior to 2020: I didn't receive a 1098, but my boat has a bedroom, bathroom, and kitchen. WHAT can I write off and WHERE do I put that information?

Forum|Forum|6 years ago
March 11, 2020
1 reply
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TurboTax Deluxe Online

Irene2805

You can consider the boat your principal residence or a second home. As such, you can deduct mortgage interest, mortgage insurance, and real estate taxes. Enter the information as if it was reported on a 1098. To do this:

Click on Federal > Deductions & Credits.
In the Your Home section, click on the Start/Revisit box next to Mortgage Interest, Refinancing, and Insurance. [
If you haven't entered any mortgage information yet, just proceed through the screens, entering the requested information on your mortgage.
If you've already entered information on your mortgage, you will see the Review your 1098 info screen. Click add another 1098.

Carl11_2

Employee

You can consider the boat your principal residence or a second home.

That's only true if the loan on the boat is a secured loan.... meaning that the lender is listed as a lien holder on the boat title/registration. The only deductions you would have then are loan interest and anything that would be the equivalent of property taxes. For example, yearly registration/licensing fees. That's it.

Generally with house boats if they are not your primary residence, it's not uncommon for the IRS to later ask you to provide supporting documentation to prove your claim as a 2nd home. Don't send anything to the IRS for this unless specifically requested to by the IRS. Just make sure you always have such documentation available.