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Claiming Boat Sales Tax on 2011 Taxes-gctid341602

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    Claiming Boat Sales Tax on 2011 Taxes-gctid341602

    Are you able to claim boat sales tax on your tax return? I paid about 1200 in county sales tax when I purchased my boat in 2011. I was wondering if anyone has done this and if there has been any issues.

    For those even more in-tuned, can it be added to the standard sales tax deduction based on your income? (i.e. if I can claim $800 for the standard sales tax deduction and add 1200 for the boat sale).

    I'm trying to avoid pricey consultants / CPAs.

    My state has no income tax.

    #2
    KnoxBoater wrote:
    Are you able to claim boat sales tax on your tax return? I paid about 1200 in county sales tax when I purchased my boat in 2011. I was wondering if anyone has done this and if there has been any issues.

    For those even more in-tuned, can it be added to the standard sales tax deduction based on your income? (i.e. if I can claim $800 for the standard sales tax deduction and add 1200 for the boat sale).

    I'm trying to avoid pricey consultants / CPAs.

    My state has no income tax.
    Wow No Income Tax !! I paid about $27,000.00 in income tax last year alone + $900.00 in Health Tax + 13% on every purchase and service including my boat !

    Can I become an illegal alien in Tennesee
    David
    2880 Sunray
    St.Lawrence River
    http://baylinerownersclub.ca
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      #3
      Wow crowder.dr, where do you live?

      Edit: I see now: Canada =)

      Comment


        #4
        crowder.dr wrote:
        Wow No Income Tax !! I paid about $27,000.00 in income tax last year alone + $900.00 in Health Tax + 13% on every purchase and service including my boat !

        Can I become an illegal alien in Tennesee
        But you made $400000.00 +

        Comment


          #5
          Sorry to say but the sales tax is a state tax. It would need to be claimed on teh state tax return. So, if your state has NO sales tax, you cannot claim it!
          Tony, Cape Cod, MA
          Vice Commodore Bourne Yacht Club
          1994 Carver 390 Cockpit Motor Yacht
          454 Merc Cruisers inboards
          "HOLODECK"
          2014 10' hard bottomed Dink powered by 3.3HP Mariner 2 stroke
          www.bourneyachtclub.com

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            #6
            You can do the calculation based on income and add the tax paid for the boat. Deduction on schedule a of the federal tax return.

            Comment


              #7
              Saintjon wrote:
              But you made $400000.00 +
              :right I wish
              David
              2880 Sunray
              St.Lawrence River
              http://baylinerownersclub.ca
              Facebook
              Twitter

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                #8
                http://www.irs.gov/formspubs/index.html

                Look under 1040 instructions
                Joe
                Green Eyed Lady
                Sandy Hook NJ

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                  #9
                  tonyiiiafl wrote:
                  Sorry to say but the sales tax is a state tax. It would need to be claimed on teh state tax return. So, if your state has NO sales tax, you cannot claim it!
                  It's all in the wording. We have no State Income Tax... but we do have State Sales Tax. We can, and I do plan to deduct my State Sales Tax on my Federal Tax return. It's one of the few good deals still out there.
                  Custom CNC Design And Dash Panels

                  iBoatNW

                  1980 CHB Europa 42 Trawler- "Honey Badger"

                  Comment


                    #10
                    From the IRS http://www.irs.gov/individuals/artic...152421,00.html

                    If you file a Form 1040, and itemize deductions on Schedule A, you have the option of claiming either state and local income taxes or state and local sales taxes. (You can't claim both.) If you saved your receipts throughout the year, you can add up the total amount of sales taxes you actually paid and claim that amount. If you didn't save all your receipts, you can still choose to claim state and local sales taxes. You could fill out the worksheet and use the optional general sales tax tables
                    Since there are states that do not have a state/local income taxes, by default you can then deduct your state/local sales taxes.
                    Pat
                    Paragon
                    1999 4788

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                      #11
                      Do you know you can claim the interest on your boat loan? Thats if you do long form.

                      Roger
                      2001 Maxum 3000 SCR
                      Twin 5.0L w/ Bravo 2

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                        #12
                        Am I wrong? I understood that the 7 states (including WA) with no state income tax did not get the federal exception for deducting sales tax extended for 2011 ?

                        Please tell me I am wrong?

                        Happy Boating
                        Richard
                        1988 3870 Bayliner

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                          #13
                          Its good thru 2011 tax filing year. For 2012 and beyond, subject to congress extending it. Pretty unlikely....
                          Pat
                          Paragon
                          1999 4788

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                            #14
                            Super, thanks for the update.

                            I added a Winnebego to the toys. This will help with the pain !!

                            Happy Boating
                            Richard
                            1988 3870 Bayliner

                            Comment


                              #15
                              LTCret wrote:
                              Am I wrong? I understood that the 7 states (including WA) with no state income tax did not get the federal exception for deducting sales tax extended for 2011 ?
                              Yes. You are incorrect. You DO get the tax deduction.

                              This is from the Washington State Department of Revenue: http://"http://dor.wa.gov/content/fi...s Tax for 2011
                              Custom CNC Design And Dash Panels

                              iBoatNW

                              1980 CHB Europa 42 Trawler- "Honey Badger"

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