Interest paid on the 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. You can also visit the IRS Forms and Publications web page for indexed on-line help. View IRS Publication form 936 for interest deduction guidelines.
 

ADDITIONAL BOAT OWNER INFORMATION BROUGHT TO YOU BY BoatUS

BoatUS Database Tools Help to Make an Informed Boat Purchase

Whether you are looking to buy a new or used boat or motor, rent a marina slip, charter a sailboat, or buy a fish finder, boaters can make an informed purchasing decision by first checking with the BoatUS Consumer Protection Bureau's Complaint Database. This valuable service tracks patterns of complaints registered by consumers, boat owners, surveyors, marine technicians, mechanics and service bulletins. Defect recalls are also documented.

"The Complaint Database is the only industry-wide source for boaters wanting to make a smarter purchase," said Caroline Ajootian, assistant vice president, BoatUS Consumer Protection Bureau. "We don't rate or evaluate the complaints - our mission is to simply document and share the information given to us. The complaints on file speak for themselves."

Since 1988 the database has tracked complaints on an array marine products and service providers including boats, outboard engines, marine electronics and accessories, dealers, boatyards, manufacturers, marinas and more.

Information from the Bureau's database is available by clicking on the link above, or by calling
703-461-2856. You can also inquire via email: ConsumerProtection@BoatUS.com.


DSC VHF owners can now obtain Maritime Mobile Service Identity

If you were a good boater throughout 2002, you may have been one of  the lucky ones to get a Digital Selective Calling (DSC) VHF radio (Marine Band - "Ship-to-Shore") radio from Santa. To add to this wonderful lifesaving gift, you can  register your radio and get a free Maritime Mobile Service Identity (MMSI) number. You can view details about this BoatUS service by clicking here or you can phone BoatUS toll-free at 800-563-1536.
 

BoatUS is the nation's leading advocate for recreational boating issues before Congress and federal agencies. BoatUS provides its 535,000 members with a wide array of consumer services which include: A group-rate marine insurance program that provides over $7 billion in hull coverage. - - - - - - - - - - - - - - - - - - - A fleet of more than 400 towing assistance vessels. - - - - - - - - - - - - - - - - - - - Fuel discounts and slips at nearly 700 marinas. - - - - - - - - - - - - - - - - - - - A subscription to BoatUS Magazine - The most widely read boating publication in the U.S.

"We have it on good authority that Santa was very generous with DSC VHF  radios this holiday season," said BoatU.S. Founder and Chairman Richard  Schwartz. "We believe it's because many boaters had been boating safely,  following the nautical rules of the road, and being great stewards of our  waterways."
 
With the pressing of one button, DSC VHF radios allow anyone on board to  send a continuous distress message that contains the vessel's identity and contact information - even if the captain is incapacitated. And if the  DSC VHF radio is connected to a GPS or LORAN, the distressed vessel's  latitude and longitude position is also automatically broadcast. 

Note: For  these automatic functions to work properly, boaters must register to  receive an MMSI number. 
 
While The U.S. Coast Guard is not expected to fully monitor DSC distress  calls until 2006, DSC equipped vessels in the broadcast area will receive  the automatic distress call and identification information - and may be potentially able to respond. 

A DSC VHF radio also retains all the  functions of a non-DSC VHF radio and can broadcast a channel 16 voice distress message.
 
For non-emergency purposes, a MMSI works like a "VHF phone number." An  MMSI avoids having to monitor high traffic channels just for a hail from  your boating buddy - the DSC VHF "rings" like a telephone, notifying you  that you have a call.
 
An MMSI issued by BoatUS is only valid for recreational vessels in domestic waters.