Tax question
03-09-2005 | 08:28 AM
#32
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Joined: Jul 2003
Posts: 716
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From: Annapolis, MD
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
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
03-09-2005 | 08:43 AM
#34
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Joined: Mar 2004
Posts: 1,554
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From: NY
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
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
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.
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.
03-09-2005 | 09:01 AM
#35
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From: Palm Harbor, FL
03-09-2005 | 10:27 AM
#36
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Posts: 255
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From: Chicago
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 ?
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 ?
03-09-2005 | 11:08 AM
#37
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Joined: Jul 2003
Posts: 716
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From: Annapolis, MD
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
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
03-09-2005 | 11:15 AM
#38
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From: Fairport Harbor OH
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.
03-09-2005 | 01:05 PM
#39
artselectricinc.com
Joined: Dec 2000
Posts: 703
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From: Longview, WA, USA
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
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
03-09-2005 | 01:25 PM
#40
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From: ST. Louis, MO, USA
Re: Tax question
Originally Posted by gripit
Anybody know for sure??
Gary
