Second-home status for boats at risk

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Kent Webb plans to write off part of the interest he pays to finance what he considers his second home, a luxury fishing boat named the Moonlighter.

Calling such tax breaks loopholes for the wealthy, congressional Democrats have other ideas.

They want to eliminate the 73-year-old North Carolina physician’s deduction as part of broader tax code revisions this year, potentially the biggest such revamp since 1986 and one in which lawmakers have pledged to scrutinize every tax break.

The second-home mortgage deduction, which also benefits owners of cabins and recreational vehicles, is the boating industry’s biggest tax break and applies to vessels ranging from tiny sailboats to multimillion-dollar yachts.

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