I just returned from a seminar. The speaker said, interest on a boat claimed as a second home needs to be reported as an AMT adjustment. I can't find this in TTB or Lasser's. I am also too tired to check the pub on AMT. Is anyone knowledgable on this?
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It is true
Also motor home interest. -
home equity lines
And home equity lines, and cash-out refi's even on the primary residence.Comment
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Speaking of AMT
I heard the dems really wanted the repubs to deal with it while they are still in control. Now they are stuck in a rock and hard spot since the amt is going to hit the blue states the hardest. If they fix it the cost is about 50 billion but they promised not to cut taxes without an increase somewhere else to compensate. I guess cutting spending never entered their brains.
You know if you gave the dems Walmart to run with their thinking it would quickly become the smallest retailer on the planet earth.
To be fair if you gave it to the republicans bankruptcy would soon follow.Last edited by veritas; 12-13-2006, 10:30 PM.Comment
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Interest is only allowable to buy, build or improve main or qualified second home. If you take out a home equity loan and the money is not use to improve your home, then it is subject to AMT.
If the boat qualifies as your second home, then I wouldn't think the interest would be subject to AMT.Comment
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Transient
is the key word applicable to this type of second residence. A home that is "transient" is not a qualified residence for amt purposes.Comment
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