Buying a boat? The tax credit may apply.
Thinking of buying a sail boat, and wondering if the $8000 tax credit would apply? It all depends… As a first-time homebuyer, did you buy the boat so you could sail from port to port or is it anchored in one place permanently?
That could be pretty important when it comes to the tax credit, because the program does apply to houseboats, in the same way it applies to mobile homes, but in the case of mobile homes, they do have to be stationary. For example, you couldn’t get the tax credit for an RV.
So you could be in deep water if you’re going to sail your home around. The IRS will look at things like where you get your mail, where you get any bills sent, where your driver’s license is registered, where you’re registered to vote and that’s going to be hard to prove if you’re going from port to port.
If you haven’t spoken to them already, go directly to the IRS and tell them that you’ve had conflicting reports and need a firm answer. And make sure you consult with a tax professional rather than just take anyone’s word for it.
