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

No. In order to be deductible, personal noninverstment interest must accrue on a loan secured by your first or second residence. See IRS Publication 936.

If you can get a better rate from the bank than the dealer I can't imagine why they'd refuse to file a lien against the boat, thus making the interest deductible.

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