Boat loan intrest

[kwkw25]

I purchased my boat this season and having my first boat loan for 118,000. someone told me that the interest is tax deductible, the boat is a 38 cruisers yacht. is this true, and will the loan company send me a 1098 form in the mail at the end of the year?

 

[L Hall]

The interest would be deductible only if you class the boat as a second home - a 38' would qualify, assuming it has a galley, head and sleeping area.