[C320-list] Boat owners income tax question

[Rod Boer]

Thanks to everyone who replied.  I managed to get the TaxCut software to 
efile after I supplied the Federal ID.

Linda,
I knew that Orlando was on the list but I didn't know that you also 
participated.  Thanks for the response.
Rod
----- Original Message ----- 
From: "Linda Richards" <lrich320 at yahoo.com>
To: "C320-List" <C320-List at catalina320.com>
Sent: Wednesday, March 08, 2006 1:02 AM
Subject: Re: [C320-list] Boat owners income tax question


>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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