Can interest on a boat be deducted if the boat is primary residence?

Q: Can interest on a boat be deducted if the boat is primary residence? - Herb, Deerfield

The following answer was provided by Mark Misselbeck, CPA, Levine Katz Nannis & Solomon PC, Needham.

A: If you boat has kitchen, sleeping and toilet facilities on board, and it is you principal residence, you may deduct the interest in computing the regular income tax, but not in calculating the Alternative Minimum Tax (AMT) - there is a specific exclusion that treats boats as not being a qualified principal residence in calculating that tax. You will need to calculate the AMT on Form 6251 and the loss of this deduction under that tax regime may well cause you to pay the AMT for the year.