Coastal Financial finances, or refinances, new or used, power or sail, large or small, motor yachts, convertibles, express cruisers, high performance boats, houseboats, sloops, catamarans, and runabouts. As long as your boat floats... we have a boat loan program to suit you. Whether you are buying the boat from a dealer, broker or an individual, we are here to help guide you through every step along the way.
Tax-Deductibility on Boat Financing: In accordance with IRC section 163(h)(2)(3) a taxpayer may deduct any qualified interest on a qualified residence, that is acquired during the tax year, 163(h)(4) a boat will be considered a qualified residence if it is one of the two residences chosen by the taxpayer for purpose of deductibility in the tax year as long as it provides basic living accommodations such as sleeping space (berth), a toilet (head), and cooking facilities (galley). Contact your tax specialist to determine your individual qualifications.
