Enjoy Steamed PEI Mussels On The Waterfront

Try our flavorful Steamed PEI Mussels! PEI Mussels are healthy, nutritious, and rich in protein and minerals. They are low in fat, cholesterol and sodium. And they taste AMAZING!

Our PEI Mussels are served in a house-made sauce with white wine, lemon, garlic, tomatoes, basil. If you’re not familiar, “PEI” stands for Prince Edward Island, which is where these tasty morsels originate. They are sweet, tender and meaty.

Stop by the Riverhouse to enjoy a plate for yourself!

Take A FREE Online Boating Safety Education Course Mar. 18–24

No-Cost BoatUS Foundation online course offered for Florida & 35 other states

Photo Caption: The boating and fishing season will be here soon, and taking the no-cost BoatUS Foundation online boating safety course is easy to do with busy schedules.

Next week, Mar. 18-24, 2018, is a great time to take a boating safety course. Why? It’s perfect timing just before the start of the boating and fishing season and the week-long ‘Spring Aboard’ public service campaign makes it easy for boaters to take a boating safety course. The educational effort is a partnership of the National Association of State Boating Law Administrators (NASBLA), government, and nonprofit partners including the BoatUS Foundation for Boating Safety and Clean Water.

The BoatUS Foundation offers a no-cost NASBLA and state-approved online boating safety course for 36 states at BoatUS.org/Free. The course fits into busy schedules, allowing boaters to stop, and then start again where they left off any time of day or night, and is loaded with interactive animations, videos and photos to give boaters an education that goes well beyond the basics of boating. Upon successful passage course takers can easily print their state’s proof of completion. More than 1.4 million boaters have taken the Foundation’s courses since 1997.

US Coast Guard statistics indicate that of the accidents where the level of operator education was known, 80 percent of boating deaths occurred on boats where the boat operator had never received boating education instruction.

How to Get a Boat Loan Without a Hiccup

2018 Purchasing Tips from Boat Owners Association of The United States

Regatta Pointe Marina is home to multiple yacht brokerages with dozens of yachts on-site daily!

With interest rates already on the rise, how can you ensure your boat loan goes smoothly without time-consuming hiccups? Here are 10 tips from Boat Owners Association of The United States (BoatUS) just in time for the spring buying season.

1. Check your credit. Before applying for a loan get your current credit score and ensure your credit report is accurate. Scores above 800 may earn you a better interest rate. A free copy of your credit report is available annually from each of the three national credit bureaus at www.AnnualCreditReport.com. You can also check with your credit card issuer or bank you do business with. Other options are a credit counselor, a fee-based service, or to purchase it from the credit bureau. Find more at the Consumer Financial Protection Bureau.

2. Find the right loan type. A fixed-rate, fixed-term, simple-interest loan is the most common. This offers the same monthly payment for the life of the loan. Variable rate or hybrid options may offer a combination of a fixed rate for a few years, and then a variable rate. With interest rates forecasted to continue to rise in 2018, the appeal of variable rate loans may decrease. Don’t forget to ask if there are prepayment penalties for paying off the loan early.

3. Consider a HELOC. Buyers of smaller vessels often tap into their home equity line of credit (HELOC) to fund a boat purchase. That may work well if you plan to pay the boat off while interest rates remain relatively low. However, passage of the Tax Cut and Jobs Act of 2017 eliminated the deductibility on interest for a home equity loan (if the qualifying vessel has a sleeping berth, cooking and toilet facilities).

4. Compare loan rates. Generally rates are lower and available loan terms are longer for newer boats and larger loan amounts. However, each is dependent on a variety of factors including model year, loan amount and down payment. Be prepared for banks to require larger down payments, have higher rates and offer shorter terms on older boats, especially those more than 20 model years. There could also be a significant rate difference between some consecutive model years, so be sure to talk with your lender and understand their rate and term structure.

5. Don’t be fooled by ads. You may see rates advertised as low as 3.99 percent, but there usually will be some small print that could make that loan less attractive. For instance, the rate might only be fixed for a few years or the loan period might be only seven years.

6. Get pre-approved. To help save time, ask if you can get preapproval, or if you can possibly start the underwriting process before you have a signed sales agreement or even have a specific boat in mind.

7. Know your tax benefits. A boat can qualify as a second-home loan interest deduction if it has a berth, galley and head, so buying a boat with these features may offer a tax advantage. However, the new Tax Cut and Jobs Act of 2017 reduces the previous $1 million second-home mortgage deduction limit to $750,000 and completely eliminates deductibility of interest for a home equity loan that’s often favored by small boat buyers to fund a purchase.

8. Get it surveyed. For pre-owned vessels, hire a qualified marine surveyor to inspect the boat to ensure it is in good condition and you won’t have any unexpected repair bills. BoatUS.com/Surveyors can help you find one. Also, many lenders will require a marine survey.

9. Ask about closing costs. As with any loan, there are some fees involved. Sales tax, processing fees, title and registration and/or US Coast Guard documentation fees are common. Check with your lender to find out what to expect.

10. Calculate your monthly payment. How much can you afford? Go to BoatUS.com/Calculator to easily crunch the numbers. Your lender will also review your debt ratio and other criteria.

To learn about boat loans from BoatUS, go to http://www.BoatUS.com/Boatloans.

As Far As The Venue, You Have A Winner!

Choosing the Riverhouse to host our daughters wedding and reception was the best decision we could have ever made! From the management to the wait staff, they all did an outstanding job. Their event coordinator (Cindi) is the best in the business. From setup to the last dance and all that is in between, she made everything run so smoothly like a well oiled machine. The venue and view are beautiful and the food is excellent.
Thanks to everyone at the Riverhouse for truly making our special day PERFECT!!!

  – Don B.

BoatUS: Tax Provisions for Boat Owners Extended

Boat buyers should be aware that a boat is considered a second home for federal tax purposes if it has a galley, an installed head and sleeping berth.

WASHINGTON, March 6, 2018 – Just two short years ago, Congress extended some boat sales tax and mortgage interest deductions for recreational boat buyers. Excluding home equity loans, those deductions remain for next year’s 2018 tax season with the recently passed GOP tax overhaul plan signed into law on December 22, 2017, albeit with some new lower limits on lending amounts, according to Boat Owners Association of The United States (BoatUS).

Before passage of the Tax Cut and Jobs Act of 2017, BoatUS, the nation’s boating advocacy, services and safety group, had concerns that boat owners would be singled out for negative tax treatment. However, recreational vessels with a sleeping berth, cooking and toilet facilities will be treated equally with second homes and recreational vehicles that may qualify for some sales tax and mortgage interest deductions when filing (in 2019) a 2018 federal income tax return.

The new Tax Cut and Jobs Act reduces the previous $1 million second-home mortgage deduction limit to $750,000. “Most new boats sell for far below this new cap, so we don’t think that will have much impact on the average boat buyer,” said BoatUS Manager of Government Affairs David Kennedy. However, what could affect buyers of smaller vessels is the act’s removal of the deductibility on interest for a home equity loan. Historically, borrowers could deduct home equity interest on loans up to $100,000 ($50,000 for married couples filing separately). “With the new tax law, that deduction is gone,” said Kennedy.

For the current 2017 tax season, the existing deduction remains in place and is offered to new owners who paid substantial state sales taxes on a new or used boat purchased in 2017. If there is a loan taken, mortgage interest paid on the loan may also be deducted from federal income taxes. Again, the vessel must have a sleeping berth, cooking and toilet facilities to qualify. Here are the details:

2017 Sales Tax Deduction
The Tax Increase Prevention Act of 2014 continues to offer a federal tax deduction for state sales taxes paid on a recreational vessel. Boaters must choose either the state sales tax deduction or state income tax deduction on their federal tax return — they cannot take both. In addition, to take the state sales tax deduction, the sales tax on a boat purchase must be applied at the same tax rate as the state’s general sales tax. In order to claim the sales tax deduction, tax returns must be itemized. State sales taxes are entered on IRS form Schedule A, line 5b.

2017 Boat Loan Deduction 
A boat is considered a second home for federal tax purposes if it has a galley, an installed head and sleeping berth. For those owners with a secured boat loan, mortgage interest paid on the loan may be deducted from federal income taxes. Taxpayers may use the home mortgage interest deduction for one second home in addition to their primary home, and must itemize deductions on their returns.

Some boaters may be unaware of this potential tax benefit because not all lending institutions send borrowers an IRS Form 1098, which reports interest paid. Not receiving the form does not preclude taking the deduction. If a 1098 is not available, boaters should contact their lender for the amount of interest paid and should enter it on line 11 on Schedule A along with the lender’s tax ID number. If a form 1098 is sent, boaters should simply enter the amount on line 10 of Schedule A.

For more details on the mortgage deduction on boats that qualify, go to IRS.gov and download IRS Publication 936.

Looking to 2018
The new limits on deductibility of mortgage interest and state sales taxes will kick in when boat owners calculate their 2018 tax liabilities along with changes to home equity loan deductions. Boaters are urged to contact a tax preparer or financial adviser for more information.

REPORT: Outdoor Industry 2% US GDP

Department of Commerce Report: Outdoor Industry makes up 2 percent of US GDP

ALEXANDRIA, Va., March 1, 2018 – It’s no surprise that the industries that produce the most goods or services and keep the economy humming often receive favorable attention from legislators in Washington. Now with the Department of Commerce’s Bureau of Economic Analysis (BEA) February announcement that the outdoor recreation industry’s 2016 annual gross output is 2 percent ($373.7 billion) of the US gross domestic product (GDP), Boat Owners Association of The United States (BoatUS) believes boaters stand to gain from the news.

“Having a strong industry behind you is important when working in the halls of government,” said BoatUS Manager of Government Affairs David Kennedy. “It can ultimately influence legislation that makes boating better, such as improving boating access by funding new launch ramps, providing budgets to maintain boating infrastructure or navigation aids, improving fishing habitat, and helping support boating safety efforts.”

The analysis was a result of passage of the Outdoor Recreation Jobs and Economic Impact Act of 2016, which required the Department of Commerce, acting through the BEA, to enter into a joint memorandum with the Department of Agriculture and the Department of the Interior to conduct, assess and analyze the outdoor recreation economy of the United States and its effects on the overall US economy.

The outdoor industry grew 3.8 percent in 2016, compared to 2.8 percent for the overall economy. Boating and fishing activities totaled $38.2 billion, an increase of 4 percent over 2015. The BEA report also noted that the outdoor recreation industry, which includes boating, fishing, RVing, hunting, camping, hiking, bicycling and supporting activities, surpassed the US agriculture and petroleum industries.

BoatUS remains part of a coalition of outdoor groups, organizations and businesses under the Outdoor Recreation Roundtable that urged the federal government to recognize the industry’s economic importance. The “prototype” statistics covering 2012 to 2016 from the newly established Department of Commerce Outdoor Recreation Satellite Account allow the public to comment before the BEA releases the final statistics this fall. The full report can be found at: https://www.bea.gov/newsreleases/industry/orsa/orsanewsrelease.htm.

The Outdoor Recreation Roundtable advocates for bipartisan support for improved access to public lands and waters, increasing public-private partnerships to help modernize infrastructure and reduce decades-old maintenance backlogs that can provide a better visitor experience, support for responsible conservation efforts, and growth of outdoor recreation participation.