I don't remember seeing this in the forum, but....if you bought a boat in 2005, and paid your sales taxes on it, you may be able to deduct it.
As I understand it, if you bought a $100,000 boat and paid $8,000 in sales taxes you have
a choice of deducting the sales taxes or your state income taxes. Obviously, you would
deduct the higher amount. And obviously, you have to itemize.
I don't know what year this came into effect, does anyone remember? Maybe you could even
file an amended return for 2003 or 2002 if it was in effect then.
ABC did a report on this stuff, but also added it may go away soon. Good Luck...Dave
As I understand it, if you bought a $100,000 boat and paid $8,000 in sales taxes you have
a choice of deducting the sales taxes or your state income taxes. Obviously, you would
deduct the higher amount. And obviously, you have to itemize.
I don't know what year this came into effect, does anyone remember? Maybe you could even
file an amended return for 2003 or 2002 if it was in effect then.
ABC did a report on this stuff, but also added it may go away soon. Good Luck...Dave