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Mortgage News You Can Use How to deduct a boat loan during the tax season
The Boat Owners Association of The United States (BoatU.S.) wants boaters to know that as long as your vessel meets the criteria for a second home, the Internal Revenue Service (IRS) should have a deduction for you. "For tax purposes, many boats qualify as second homes just like land-based vacation condos and mobile homes," said Elaine Dickinson of BoatU.S. Government Affairs. "If you have a secured loan on that vessel, the IRS allows a tax deduction on the interest paid on the loan." The IRS defines a second home as having "basic living accommodations such as sleeping space, toilet and cooking facilities." A secured loan is one where a lending institution holds the boat as collateral for the loan. Interest paid on the qualified loan should be reported on the federal income tax return form 1040, Schedule A, Itemized Deductions. Boat owners who received a 1098 form from their lender should enter the amount of interest paid on line 10. If they did not receive a 1098 form, they should enter the amount on line 11 and provide the lender's name, address and tax identification number. For more specific tax information, boat owners should consult their own financial or tax advisors, or visit the IRS Web site at www.irs.gov . IRS Publication 936 also covers rules for interest deductions. n SCI honors to N.C. Chapter: The North Carolina Triangle Chapter of Safari Club International (SCI), a leader in protecting the freedom to hunt and in promoting wildlife conservation worldwide, has taken top honors in an annual competition among some 200 SCI chapters around the globe. SCI North Carolina Triangle has been named SCI 2004 "Chapter of the Year" for chapters with fewer than 100 members. The chapter was recognized during an awards banquet at SCI's 32nd Annual Hunters' Convention recently in Reno, Nevada. "I just can't say enough about the great work of our SCI volunteer members in North Carolina," observed SCI President Gary Bogner. "By being absolutely tireless in their contributions to SCI, they elicit the passionate responses that make our membership such a positive force for conservation and protecting the freedom to hunt." The N.C. Triangle chapter took "Chapter of the Year" honors because of its efforts for wildlife conservation, outdoor education, preserving hunters' rights, and helping those in need. This past year, the chapter helped fund a black bear study conducted by the N.C. Wildlife Resources Commission and N.C. State University using DNA sampling and GPS tracking. In addition, the chapter supported the Hunters for the Hungry program, outdoor education workshops and wildlife conservation efforts. n Bass tournament at Lejeune: Camp Lejeune's Gottschalk Marina will host the 15th Annual Team Bass Tournament in 2004. Tournament dates are: n Saturday, March 13: Spring Splash Team Bass Tournament n Saturday, May 15: Summer Starter Team Bass Tournament n Saturday, Sept. 11: September Starter Team Bass Tournament n Saturday, Nov. 6: Fall Fun Team Bass Tournament Tournaments will begin at 6:00 a.m. (or safe light) and end at 4:00 p.m. Entry fees are $70 per team. A $15 late fee will be charged on the day of the event. The competition involves two-person teams fishing for largemouth bass on the New River and its tributaries. The average prize amount is $2,500 based on 50 boats. A cash prize of $1,000 is guaranteed each tournament. The event is open to the public. Registration will be accepted at Gottschalk Marina prior to and on the day of the event. Information is available by phoning (910)451-8307. n Free flyfishing clinic: Want to learn how to cast better in saltwater conditions? On February 21 the Cape Lookout Flyfishers will host their annual Free Flyfishing Clinic at Charlie's Restaurant on U.S. 70 in Morehead City beginning at 11:00 a.m. Bring your rod and get instruction from expert instructors, Capt. Doug Sinclair and Capt. Gordon Churchill. Techniques such as the double haul and water haul will be covered. Additional information is available online at http://www.capelookoutflyfishers . n Wildlife club to host Canoe trip: The Carteret County Wildlife Club will sponsor a canoe trip on the Neuse River beginning at the intersection of U.S. Hwy. 70 and NC 903 near LaGrange. The trip will last about 4-5 hours. Participants should bring lunch, drinks and a life jacket. For information about the meeting time, borrowing a canoe or teaming up with another paddler, contact Gene Huntsman at (252)447-4061. n Commission schedules meeting: The N.C. Wildlife Resources Commission (NCWRC) will hold a public meeting on Feb. 11 to accept comments on a proposal to establish an "Archery Hunting Only" zone on approximately 1,800 acres of Butner-Fall Game Land in Wake County, along the southern shore of Falls Lake between the Falls Lake Dam and Blue Jay Point County Park. The meeting represents a move by the Wildlife Commission to consider establishing archery hunting zones in area on state Game Lands where firearm hunting might not be feasible. The meeting will begin at 7:00 p.m. in the Goldfinch Room at Blue Jay Point County Park Center for Environmental Education, located at 3200 Pleasant Union Church Road. More information is available from the NCWRC at (919)733-7291. Calendar n Tomorrow - The Twin Rivers Chapter of the N.C. Waterfowl Association will hold their inaugural membership banquet at the New Bern Shrine Club beginning at 6:00 p.m. The evening will include a cocktail hour, dinner, an auction and a raffle of outdoor-related items. Contact John Dixon at (252)634-9630 for additional details and tickets. n Feb. 18: Staff from the N.C. Maritime Museum in Beaufort will lead a nature hike in the Patsy Pond area of Croatan National Forest to identify trees and birds in winter. Reservations and a $10 fee are required. Phone (252)728-7317. n Feb. 21-22: The Bug-Em Bait Company will sponsor the Down-East Hands-On Fishing School in Wilmington. Techniques for fishing in backwater, inshore and offshore will be featured, along with information on using electronics, rigging baits and more. Instruction will be by top local guides. Information is available from Capt. Lloyd Eastlack at (800)249-2483. n Feb. 21-22: The Coastal Plains Chapter of Quail Unlimited will host a bird dog field trial sanctioned by the U.S. Complete Shooting Dog Association at Oak Grove Field on Oak Grove Road, west of Pollocksville. Contact Marvin Roth at (252)224-5901 for directions or details. Back to Original Article: Mortgage News You Can Use
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