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I'm purchasing a boat in the next few days, (possibly to be named: Never Again II) and have a tax question.

The boat dealership will asssit in arranging financing and the boat would be the security on the loan. The boat & loan would qualify as a 2nd home and the interest would be deductible.

However, I'm able to borrow money directly from a bank as a personal / signature loan, without the loan being tied to the boat. While the loan is not tied to the boat, 100% of the loan would be used in the acquistion of the boat.

Would I be able to deduct the interest on a personal bank loan that was used to buy Never Again II?

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