Scuttlebutt Magazine - March 2008 - (Page 5)

www.scuttlebutt.com March 2008 • Page 5 Two federal tax deductions remain for boaters When Congress adjourned for 2007, they left in place two federal income tax deductions of potential benefit to boat owners. A boat is treated like a second home for federal tax purposes if it has a galley, a head, and sleeping berth. Mortgage interest paid on the loan is deductible from your federal income taxes. Taxpayers may use the mortgage interest deduction for one primary home and one second home and must itemize deductions on their returns. Some boaters may be unaware of this potential tax benefit because not all lending institutions send borrowers an Internal Revenue Service form 1098 which reports the interest paid. Not receiving the form does not preclude taking the deduction. If a 1098 is not available, boaters should contact their lender for the amount of interest paid and should enter it on line 11 on Schedule A along with the lender’s tax ID number. If a form 1098 is sent, boaters should simply enter the amount on line 10 of Schedule A. The other tax benefit is a deduction for state sales taxes. However, this may no longer be available after the 2007 tax year if Congress does not act to extend it. This deduction may be appropriate for boaters who paid substantial sales tax on the purchase of a new or used vessel last year. Boaters must choose either the state sales tax deduction or state income tax deduction on their federal tax return – you cannot take both. In addition, to take the sales tax deduction, the sales tax on a boat purchase must be applied at the same tax rate as the state’s general sales tax. In order to claim the sales tax deduction, tax returns must be itemized. State sales taxes are entered on Schedule A, line 5b. For those who fall under the Alternative Minimum Tax, most deductions are unavailable as taxes are calculated differently. Boaters are urged to contact a tax preparer or financial advisor for more information. For more details on the mortgage deduction, go to http://www.irs.gov and download Publication 936 or the Fact Sheets. For state tax deduction information download Publication 600, which also includes stateby-state tax tables. Boat Owners Association of The United States is an advocate for boaters. Scuttlebutt Bob Bromeland, Owner/Sales Bill Bromeland, Sales Sales Office P.O. Box 279 • Blue Earth, Minn 56013 507-526-4461 or 800-643-2544 Fax - 507-526-4560 bob@scuttlebutt.com bill@scuttlebutt.com Scuttlebutt encourages, but does not guarantee, publication of submitted articles. Send submitted articles and photos to the office listed above. Photos will not be returned without proper arrangements. Subscriptions are $21 per season (ten issues), $37 for two years, available at the address above. Individual copies or back issues are $4.50 plus postage. • Reliable Brokerage - New & Used Sales • Liquidators of Bank Repossessions • Financing Available • Yacht Donations 58’ 54’ 53’ 52’ 51’ 51’ 51’ 51’ 48’ 47’ 46’ 45’ 45’ 45’ 45’ 45’ 44’ 43’ 43’ 43’ 43’ 43’ 42’ 42’ 42’ 42’ 41’ 41’ 41’ 40’ 40’ 40’ 40’ 40’ 40’ 40’ 39’ 39’ 39’ 38’ 38’ 38’ 38’ 38’ 38’ 38’ 38’ 37’ 37’ 37’ 37’ 37’ 37’ 36’ 36’ 36’ 36’ 36’ 36’ 36’ 36’ 35’ 35’ 35’ 35’ 35’ 35’ 35’ 35’ 34’ 34’ 34’ 34’ 34’ 34’ 34’ 34’ 34’ 34’ 33’ 33’ 33’ 2000 1987 1984 2000 1988 1997 1987 1968 1995 1997 1927 1978 1978 1979 1998 1996 1978 1988 1987 1990 1992 1988 1978 1987 1986 1985 1978 1986 1978 1999 1998 1999 1997 2003 1986 1990 1995 1988 1995 1990 1987 1987 1989 1988 1987 2004 2003 2003 2001 1998 1990 1994 2002 1984 1985 2005 1988 1998 1972 1974 1977 2000 1999 1996 1995 1980 1977 1990 1992 1996 2001 1989 1986 2000 1986 1992 1983 1984 1988 1996 1980 1975 Bluewater 5800 - T415s, truly stunning and loaded! . . . . . . . . . . . . . . . . . . . . .$ Bluewater Motoryacht - T/454s, Gen, AC, Bluewaters best . . . . . . . . . . . . . . . .$ Hatteras Extended Deckhouse - T450, 3 strm, 3 heads, Beautiful Yacht . . . . .$ Grand Banks GB 52 Classic - T 375 HP Cats, two gens, three airs. . . . . . . . .$ Bluewater Motoryacht - T350HP, gen, air . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ Bluewater Coastal Cruiser - T420HP, gen, air great boat . . . . . . . . . . . . . . . . .$ Bluewater Coastal Cruiser - T270HP, gen, air, many updates . . . . . . . . . . . . . .$ Custom Trawler - T/130 Dsl, Unique style steel . . . . . . . . . . . . . . . . . . . . . . . .$ Bluewater 482 Coastal - T/420s, Radar, GPS, 2 strm, Clean . . . . . . . . . . . . . .$ Fountain Lightning - Trpl 900 Hp, 5 hrs, Very custom go fast. . . . . . . . . . . . . .$ Matthews Double Cabin - S detroit diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ Bluewater Sedan - T/270 Hp, Gen, AC, Big boat . . . . . . . . . . . . . . . . . . . . . . . .$ Bluewater Sedan - T/350 Hp, Gen, AC, Big boat . . . . . . . . . . . . . . . . . . . . . . . .$ Bluewater Sedan - T/270s Hp, Dingy & O/B, Open layout . . . . . . . . . . . . . . . .$ Sea Ray 450 Sundancer - T/420 Cats, sharp & loaded. . . . . . . . . . . . . . . . . . .$ Sea Ray 450 Sundancer - T420HP Cats, gen, air radar . . . . . . . . . . . . . . . . . .$ Trojan 44 Motor Yacht - T310HP Diesels, gen, air . . . . . . . . . . . . . . . . . . . . . . .$ Fu Hwa Cockpit Motoryacht - T/200 diesels, 987 hrs, 2 strms, w/cockpit . . . . .$ Wellcraft Portifino - T/340’s, Gen, AC, Very clean! 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Table of Contents Feed for the Digital Edition of Scuttlebutt Magazine - March 2008

Scuttlebutt Magazine - March 2008 Marine Directory Showcase On Shore - March Classifieds Advertisers' Index

Scuttlebutt Magazine - March 2008

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