Yacht owners seek to salvage deduction for second homes - Soundings Online

Yacht owners seek to salvage deduction for second homes

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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 proposed tax-code revisions this year, potentially the biggest revamp since 1986 and one in which lawmakers have pledged to scrutinize every tax break.

“It has been a significant factor in my decision-making,” Webb, whose 60-foot yacht was listed for $2.6 million when it was for sale in 2013, told Bloomberg News. “It is so unfair to target people who want to use their boat as a second home.”

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