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Tax question

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Old 03-09-2005, 09:21 AM
  #31
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Default Re: Tax question

We do every year.
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Old 03-09-2005, 09:28 AM
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Default 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
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Old 03-09-2005, 09:31 AM
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Default Re: Tax question

Quote:
Originally Posted by 43Thunder
We do every year.
Thank God!
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Old 03-09-2005, 09:43 AM
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Default Re: Tax question

Quote:
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.


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

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?
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Old 03-09-2005, 10:01 AM
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Default Re: Tax question

This site explains it: http://www.irs.gov/newsroom/article/...133209,00.html
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Old 03-09-2005, 11:27 AM
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Default Re: Tax question

Quote:
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.
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Old 03-09-2005, 12:08 PM
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Default Re: Tax question

Quote:
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??
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Old 03-09-2005, 12:15 PM
  #38
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Default Re: Tax question

Quote:
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.
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Old 03-09-2005, 02:25 PM
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Default Re: Tax question

Quote:
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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Old 03-09-2005, 02:28 PM
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Default Re: Tax question

Other option for sales tax on used boats, even with a $50K bill of sale;
Title it in a state that doesn't charge sales tax on used boats, ie, IL. Then transfer title to your state. You'll only have to pay an extra tilte fee.
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