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-   -   Tax question (https://www.offshoreonly.com/forums/general-boating-discussion/94099-tax-question.html)

45sonic 03-09-2005 08:21 AM

Re: Tax question
 
We do every year.

gripit 03-09-2005 08:28 AM

Re: Tax question
 
Any advise on paying sales tax on an 1988 pre-owned boat? Say I bought the boat for 50k but I have a bill of sale for 25K? Or
Say I bought the boat for 50K but the seller gave me a bill of sale for 1 dollar, because he was my cousin? Can this be done?
Or do they just go off the book value if bill of sale is less?

Thanks

GLH 03-09-2005 08:31 AM

Re: Tax question
 

Originally Posted by 43Thunder
We do every year.

Thank God!

LostinBoston 03-09-2005 08:43 AM

Re: Tax question
 

Originally Posted by gripit
Any advise on paying sales tax on an 1988 pre-owned boat? Say I bought the boat for 50k but I have a bill of sale for 25K? Or
Say I bought the boat for 50K but the seller gave me a bill of sale for 1 dollar, because he was my cousin? Can this be done?
Or do they just go off the book value if bill of sale is less?

Thanks

Pretty sure they go off the bill of sale. We used to sell things to friends and do the same thing.



Originally Posted by 2112
That makes a Gladiator a tough one to write off. :D

BUT! Congress just passed that law where those states with out income tax can write off sales tax. Lets see, $22,000 in sales tax paid on the boat alone, I can only hope that does not push me into the AMT.

Can you show me this law??? Is it only for certain income brackets? anyone else have more info? Is there a cap?

Loan Ranger 03-09-2005 09:01 AM

Re: Tax question
 
This site explains it: http://www.irs.gov/newsroom/article/...133209,00.html

ClassCig38 03-09-2005 10:27 AM

Re: Tax question
 

Originally Posted by HiPerf2000
I've never received anything in the mail from any bank from which i have financed a boat from in the past. Do i need to call them and get an intrest statement ?

here's another question.... I just bought this boat in May. My old boat (which would also qualify) was also financed, and i sold that in April. So would i need 2 statements ........ 1 from each bank ?? Or can i only claim the new boat ?

Yes, give them a call. They used to send out automatically, now last few years you have to request an interest statement. They charge $5! We have Key Bank.

gripit 03-09-2005 11:08 AM

Re: Tax question
 

Originally Posted by gripit
Any advise on paying sales tax on an 1988 pre-owned boat? Say I bought the boat for 50k but I have a bill of sale for 25K? Or
Say I bought the boat for 50K but the seller gave me a bill of sale for 1 dollar, because he was my cousin? Can this be done?
Or do they just go off the book value if bill of sale is less?

Thanks

Anybody know for sure??

Queenie 03-09-2005 11:15 AM

Re: Tax question
 

Originally Posted by ClassCig38
Yes, give them a call. They used to send out automatically, now last few years you have to request an interest statement. They charge $5! We have Key Bank.

Interesting. We have Key Bank also. We just ask for the amount so we're not charged anything. I take it you're paying $5 for the statement itself? Hmmm, they didn't tell us about that option.

Steve H 03-09-2005 01:05 PM

Re: Tax question
 
" Auditor said that if it had been an "open" boat with no enclosure, that he would have to have disallowed it."

I would have called bullsh**t on that. Your boat can be completely open if it meets the above mentioned criteria. I have been audited more than once. Auditors are not always right. Make sure that any info they want is requested in writing. Send only the info requested to your accountants office. Do not talk to him untill after he has met with your accountant. Then only meet face to face with him/her with your accountant present and at his office. If you are asked a question that could be miscronstrued, let your accountant answer for you. It is best to play dumb on most questions and let your accountant do most of the talking. These guys/gals can be quite clever during their interview.

Steve Hixson

Gary Anderson 03-09-2005 01:25 PM

Re: Tax question
 

Originally Posted by gripit
Anybody know for sure??

Sales tax varies state to state. Here in MO, you can transfer between "certain" family members with no tax, ie. spouse, parent/child, dont recall cousins though.
Gary


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