Took the Kids Up (First Time)

Jay Honeck wrote:


We've got friends who own a 40+ foot yacht on Lake Michigan. It cost
over $300K to acquire, and an amazing amount of money to maintain.
(Each year they have to pay to have it removed with a crane, and then
shrink wrapped -- I'm not kidding -- for winter storage.) Worse, it
is a depreciating asset, meaning that it is worth less and less every
year. It has two 350-cubic inch Chevy engines, gets 6 gallons to the
mile, and they never, ever leave the dock.

But it also qualifies as a house and therefore the monthly payment is a
mortgage and can be written off. I do the same thing with my fifth wheel.