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They asked me to DONATE my boat....

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Old 10-16-2004, 01:04 PM
  #21
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Default Re: They asked me to DONATE my boat....

2112,

It depends on your combined itemized personal deductions. My "donation" alone was about 40% of my annual income and was therefore significant, so when combined with my other deductions for my personal property, rental property, and professional expenses as an independant contractor, I got hit with the AMT rules. I would definately check with your accountant about your sales tax deduction to see if it is advantageous to claim it. Good Luck!
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Old 10-16-2004, 01:18 PM
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Default Re: They asked me to DONATE my boat....

Quote:
Originally Posted by PatriYacht
a person or couple in the 100,000 to 200,000 income bracket
"The most wealthy Americans ..." according to John Kerry
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Old 10-16-2004, 01:45 PM
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Two income family who's worked long hours for the last 20 years.
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Old 10-16-2004, 06:49 PM
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Default Re: They asked me to DONATE my boat....

Quote:
Originally Posted by RedDog382
2112,

It depends on your combined itemized personal deductions. My "donation" alone was about 40% of my annual income and was therefore significant, so when combined with my other deductions for my personal property, rental property, and professional expenses as an independant contractor, I got hit with the AMT rules. I would definately check with your accountant about your sales tax deduction to see if it is advantageous to claim it. Good Luck!

Lucky for me the tax doesn't represent such a significant amount of my income. Anyone know when the AMT kicks in? The damn AMT needs to be revised considering all the inflation that has occured since it was enacted (1971?).

As Ms Patriyacht indicated; working couple, years and years of 70 hour weeks before any real success and as soon as it begins to payoff, big brother is there with it's hand out with a "progressive" tax code since "you have it so good" and "need to pay society for your easy to come by success".

But I digress
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