[C320-list] Boat owners income tax question

[Linda Richards]

A lender is required to send a Form 1098 on a mortgage loan secured by real property.  They are not required to send a Form 1098 for a loan secured by a boat.  
  Our finance company does not send the Form 1098 but does show the interest on the monthly stmt at year end as a courtesy.  

jsail320 at cox.net wrote:
  Interesting!!! If you did get an IRS audit , how would you support the interest deduction without a statement from the bank.

I always received the form from my bank prior to paying off the loan.

John
Lady K
> 
> From: "T. Scott Thompson" 
> Date: 2006/03/07 Tue PM 08:42:31 EST
> To: Rod Boer , 
> C320-List 
> Subject: Re: [C320-list] Boat owners income tax question
> 
> I purchased Surprise from the dealer in Annapolis a few years back, who 
> arranged attractive financing through Key Bank. They sent a book of 
> payment coupons then, and once a year they send a flier offering me a 
> chance to skip a payment, and that's all. Never an annual statement, 
> never a 1098. I've called their customer service about this several 
> times (no small feat in itself) and they claim this is their standard 
> policy. The only thing that keeps me from refinancing in order to get 
> better customer service is that the rate is good. I've had to rely on 
> their telephone information service to get verification of the amount of 
> interest I've paid.
> 
> Rod Boer wrote:
> > Hi All,
> >
> > I normally receive a Form 1098, Mortgage Interest Statement, from my bank for my boat loan to be used for a deduction on my Federal Income Tax. This year my bank, The Citizens National Bank, who several area Catalina Dealers use for boat loans, decided they would no longer provide this form. One of the persons I talked with at the bank indicated that all banks were doing this and I wondered if other list members experienced the same thing this year. Thanks.
> >
> > Rod Boer
> > Odyssey, #688 
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