Taxes

[WakeGirl]

Talk about Ridin' Dirty or mayb White N Nerdy since we're talking about receipts.

[jshap]

So is the luxury tax a tax deduction as you are able to do with your house interest? In Canada we do not get to subtract our house interest from our income.

I think it depends how it is listed. For example, in Georgia, there is an ad valorem personal property tax on your vehicles that you have to pay every year. You CAN deduct this interest and I always did when I lived in GA. If it's listed as a Luxury tax, I'm not so sure, but probably. This is on the Federal level by the way, so it shouldn't matter what state you live in. I'm not an accountant, but annual personal property taxes are usually deductible.

[Daman]

Heck, register your boat in Texas!!!! No personal property tax, no luxury tax, NO INCOME TAX!!!! Just the sales tax. You can always register your boat in Texas!!! Here's the form: http://www.tpwd.state.tx.us/publications/p...application.pdf

Cost you around $50. Then you will have to renew your registration (the sticker) every 2 years - I recall around $40 - None of the regs that I read say you have to be a resident of Texas to transfer title. But, of course you will have a boat with a registration number that begins with "TX" on your lake!!!

This is the same for Nevada, I think NV looks better than TX though! Ohh yeah I went there.

Edited December 14, 2006 by Daman

[obski]

Oregon is a bit different than all of the previous states mentioned. No sales tax, no luxury tax - just the reg fees on both the trailer & boat which might equal out to $50-60 per year (not sure exactly, the boat is on a 2 year cycle & the trailer is paid up for 4). We do have income taxes though.

I didn't even realize that other states taxed you on boats, RVs etc. I've been in Oregon for 20 years now and came from Maryland. I know we did have to pay a sales tax on the cars we bought while in Maryland, but we really had almost no other possessions. We were poor. As Tracie pointed out, we only have to pay a registration fee for cars, boats, RVs, etc, not a tax.

[BlastRlxi]

Another in the Long list of reasons to move to TEXAS. I think it cost me about 6.25% sales tax at purchase and hmmm, lemmeesee...about $75 per year to register.

Ditto for Ohio. That is insane to have to pay a luxury tax or a personal property tax like that.

Sorry Blast, but gotta call BS on that. Never have heard anyone call the Buckeye state a low tax state.

I don't know. There is no luxury tax or personal property tax. The sales tax is 6.75% I believe. I do pay state and city income tax as well of property tax, of course. I don't know how Ohio compares to other states as far as how much total taxes are paid out, but at least I don't have to pay taxes on my boat.

[NCH2oSki]

Tennessee, no property tax for boats or other similiar toys. Heck you dont even have to register your trailer much less have tags on it. We dont even have vehicle inspections.....you should see the pos' on the road here. But we do have a 9.25% sales tax, although no state income tax.

[obski]

The reality of income tax is starting to settle in for me. We sold our house of 15 years recently and made a very tidy profit on it. Of course the profit is a bit deceiving in that everything else has gone way up as well. We are going to be hit with a very significant state and federal tax on that profit this year. That hurts, but hey, that's the way it is. The ripple effect of that for me though is that I pay quarterly estimated taxes based on the prior year. I can either pay much higher taxes next year and then get a sizable refund in 4/08, or try to guess what I will need to pay next year to avoid a penalty. In the first option I will have a cash flow problem and in the second I run the risk of being hit with a penalty for under or over payment.

[JAF1063]

JSHAP: Why do you register your boat in Indiana? We have alot of people on our lake that keep their boats there year round in Michigan and are registered in Illinois, where they live. There really is not much tax difference in Michigan and Illinois. I live fairly close to you, I am in Oak Forest. My boat is registered in Michigan, there is a small tax difference but nothing like the Indiana tax thieves.

Judy

[Daman]

My boat will never see the light of day with CF numbers ever again. End of story

[jshap]

JSHAP: Why do you register your boat in Indiana? We have alot of people on our lake that keep their boats there year round in Michigan and are registered in Illinois, where they live. There really is not much tax difference in Michigan and Illinois. I live fairly close to you, I am in Oak Forest. My boat is registered in Michigan, there is a small tax difference but nothing like the Indiana tax thieves.

Judy

In my case, I have to register it in IN. We rent a public pier space in Culver IN and by the park's rules, the boat must have an IN registration number. No IN number, no slip, so I'm stuck. IN law also says that, regardless of where you live, if you use the boat primarily in IN waters, it must be registered there. That doesn't really bother me much, but not having a slip does.

[Arkid]

Well, in CA, the gov't feels that if you own a boat, it's a luxury, and therefore subject to an annual tax. It is considered taxable personal property. Mine is $420 per year for my 03 Sunscape. Oh Yeah, it was also subject to a 7.75% sales tax at time of purchase.

That's why I immediatley took mine up to Havasu and will keep it there for the first year. This way I don't have to pay any sales tax in CA or AZ and don't pay any property tax in CA either as it's in AZ. After 1 year I can bring it back to CA and won't have to pay any future property taxes on it.

All I have to do is keep it regestered in AZ.

Edited December 16, 2006 by Arkid

[Daman]

Well, in CA, the gov't feels that if you own a boat, it's a luxury, and therefore subject to an annual tax. It is considered taxable personal property. Mine is $420 per year for my 03 Sunscape. Oh Yeah, it was also subject to a 7.75% sales tax at time of purchase.

That's why I immediatley took mine up to Havasu and will keep it there for the first year. This way I don't have to pay any sales tax in CA or AZ and don't pay any property tax in CA either as it's in AZ. After 1 year I can bring it back to CA and won't have to pay any future property taxes on it.

All I have to do is keep it regestered in AZ.

Amen

[stewart]

My boat will never see the light of day with CF numbers ever again. End of story

Just one thing to keep in mind..... If you store the boat in CA, most storage yards/units are suppose to report at year end all of the boats registrations (CF or not) to the county. If your boats out of state registration keeps showing up in CA you could have problems down the road.... since the rules technically state you have to have the boat registered in the state you primarily use it in.

The place where I store up on the Delta has had a couple of cases come up where the owners that had there boats with out of state registration ended up paying taxes in CA.

This is all a mute point if you store your boat at home

[Daman]

My boat will never see the light of day with CF numbers ever again. End of story

Just one thing to keep in mind..... If you store the boat in CA, most storage yards/units are suppose to report at year end all of the boats registrations (CF or not) to the county. If your boats out of state registration keeps showing up in CA you could have problems down the road.... since the rules technically state you have to have the boat registered in the state you primarily use it in.

The place where I store up on the Delta has had a couple of cases come up where the owners that had there boats with out of state registration ended up paying taxes in CA.

This is all a mute point if you store your boat at home

the boat goes in my garage, so I am cool there. I am moving back to Vegas anywho so Im not concerned.

[FijiRob]

Is my boat that is registered in MN right now subject to the CA luxury tax when I move back (if I decide to register it in CA)?

When I had my old boat I never received a luxury tax bill when I had it in CA, but I bought it used and am not sure if that matters or not.

[gonorth]

Fiji, just a guess but I bet you won't like the answer.

In MN we don't pay any yearly tax on boats. Just the registration fee that is the same for all boats regardless of value. But cars/trucks are another story, After 5 years (think it is 5) when you renew your yearly registration you only pay a road tax but before that you also pay a value tax but the state is smart and they don't itemize it that way. Just one fee listed to keep you thinking there isn't a personal property tax on your bill. Funny thing, they base it on year/make/model so if you crash your car and run it at maybe half the value it was in good shape you still pay the same registration fee.

Taxes... arg...

Another good thing in MN, if you buy a boat used from a private party you don't pay any sales tax. If there are any MN legislators reading this, don't even think of changeing that! But, if you move to another state you will probably have to pay that sales/use tax when you register it there.