Could a Yacht Be Considered Your Second Home?
They say that a home is where the heart is. However, when it comes to a second home, it can be where your heart is, or just about anywhere else, as far as the IRS is concerned. In fact, not only can a second home be just about anywhere, it can actually be just about any structure, including a yacht or even a sailboat.
That’s right, boats typically count as a second home in the IRS’s book for figuring tax breaks, as long as the boat has cooking, sleeping and toilet amenities. According to the IRS, when it comes to your federal income tax, home mortgage interest is any interest you pay on a loan that is secured by your home. If you itemize your deductions and you own a qualified home with a mortgage you can deduct the interest from that mortgage.
Likewise, for your federal income taxes, you can also deduct taxes on personal property based on the value of that personal property, including any taxes due on a boat. However, you must be using your yacht or other boat for personal use. You don’t even have to stay in the boat or second home anytime during the year in order to claim real estate, property and interest taxes as deductions.
So if you’re considering buying a yacht or you already have one, then make sure you are fully maximizing the tax breaks that could come with it. If you want to make sure you are taking advantage of every tax break possible, then contact GROCO today for help. Just call 1-877-CPA-2006.
Safety and Health Programs: Can you make your company safer?
Safety and Health Programs: Can you make your company safer? No one wants an unsafe work environment. But unsafe or hazardous spots in your environment must first be reported before they can be corrected. That takes cooperation from all employees, including those reluctant to blow the whistle. In 2004, more than 6 million work-related illnesses…
Employee Hiring Decisions
Employee Hiring Decisions Making Better Hiring Decisions One of the most powerful ways a company can improve its profitability is to attract and retain quality employees. In the “Simple Tools to Help Make Better Hiring Decisions” session of The Work Truck Show, consultant Fred Yetka offered guaranteed ways to reduce turnover — and the wasted…
No Longer Just Black and White
No Longer Just Black and White By Myron Curry President of BusinessTrainingMedia.com Diversity in the workplace used to hinge upon the level of responsibility, pay, and respect that one could receive based upon the color of skin and ethnicity. But, these days, diversity in the workplace has become much more than that. Most CEO’s and…
Four Key Diversity Recruitment & Retention Strategies
Four Key Diversity Recruitment & Retention Strategies From BusinessTrainingMedia.com Workforce Article Library 1) Recruitment and retention strategy. Most employers find that it is generally easier to recruit people than it is to retain them. Unless organizations create a climate that welcomes and is hospitable to those who are in some way different from the existing…