Bob & Mag

Received an email from BoatUS today and here is some info re: Taxes...thought I'd pass it on...(your mileage may vary).

Tax tips! SALES TAX and BOAT LOAN INTEREST DEDUCTIONS ARE AVAILABLE!

As I'm gathering together information for my 2006 tax returns, I wanted to share the good news on some deductions we, as boaters, are entitled to. Thanks to action taken by Congress in December, tax filers who made a large purchase in 2006, such as a boat, may deduct state and local sales taxes. We've been hearing from Members that even their accountants are unaware of the Congressional extension since it did not appear on the printed 2006 Schedule A (Form 1040). There's always fine print involved so check the IRS Web site, http://www.irs.gov; it outlines the so-called "extender provisions".

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Due to recent budget cuts and the rising cost of food, electricity, gas, and oil, the light at the end of the tunnel has been turned off.

Smoke free 4 Months!

 

74Formula233

Is that for CT?

In RI there is no sales tax on boats.....only outboard motors....

IE if you buy a boat with an outboard, you get taxed on the value of the outboard....if it's an I/O or inboard, the motor is considered part of the boat, and there is no sales tax

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Bob & Mag

It's for many states including "ConnectiTAX".

__________________
Due to recent budget cuts and the rising cost of food, electricity, gas, and oil, the light at the end of the tunnel has been turned off.

Smoke free 4 Months!