Hey you Maryland Sailors, did you take a deduction on your taxes for the DNR tax you paid? (Personal property tax)
Maryland DNR Tax
- Thread starter Broke sailor SV Marcell
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Do you mean the registration fee paid once every
two years? Same as motor vehicle registration fees, not deductable. I don't pay personal property tax on my boat. I pay property tax on my real property to the amount of about 2600 dollars, plus income tax, sales tax and motor fuel tax.
two years? Same as motor vehicle registration fees, not deductable. I don't pay personal property tax on my boat. I pay property tax on my real property to the amount of about 2600 dollars, plus income tax, sales tax and motor fuel tax.
No I mean
the registration fee you pay when you buy your boat and then register it in Maryland with DNR, I think it was 10% of purchase.
the registration fee you pay when you buy your boat and then register it in Maryland with DNR, I think it was 10% of purchase.
Interest on loan
for those that are making payments, the interest on the loan could be deductible if you can: 1. eat, 2. sleep 3. get rid of anything ingested
for those that are making payments, the interest on the loan could be deductible if you can: 1. eat, 2. sleep 3. get rid of anything ingested
Morning everyone - Maryland DNR
Maryland DNR information for excise tax can be found at the link. The tax is 5% on the purchase price or fair market value of all vessels. As far as I know it is not deductible on you income tax. Jim http://www.dnr.state.md.us/boating/registration/
Maryland DNR information for excise tax can be found at the link. The tax is 5% on the purchase price or fair market value of all vessels. As far as I know it is not deductible on you income tax. Jim http://www.dnr.state.md.us/boating/registration/
I bought my boat so long ago that I had forget that
I just chalked it up as a sales tax. But that fee is also applied if you bring in a boat form another state. A similar fee is applied the automobiles. They collect a one time tax. In Virginia they access a tax every year. Every state has to finance the servises that the population demands and they all have slightly different ways and somewhat different qualities of service.
I just chalked it up as a sales tax. But that fee is also applied if you bring in a boat form another state. A similar fee is applied the automobiles. They collect a one time tax. In Virginia they access a tax every year. Every state has to finance the servises that the population demands and they all have slightly different ways and somewhat different qualities of service.
Sales Tax
The five percent in Maryland on boats is now six percent. In any case, it is a sales tax. The only way you can claim it is if your sales taxes exceed your State Income Tax. So if you bought a car and a boat the same year, it is likely you can claim all of it as a deduction in lieu of the state income tax. You can't claim both. Paul
The five percent in Maryland on boats is now six percent. In any case, it is a sales tax. The only way you can claim it is if your sales taxes exceed your State Income Tax. So if you bought a car and a boat the same year, it is likely you can claim all of it as a deduction in lieu of the state income tax. You can't claim both. Paul
Excise Tax or Sales Tax in MD OK
The 5% MD Tax is/was an Excise Tax. Excise Taxes ARE deductible on Federal returns. The tax was raised to 6% ? If it is still an Excise tax it is still deductible. IF it is a Sales Tax it is deductible on Federal returns if you chose the MD Sales Tax deduction over the MD Income Tax deduction - you can only use one on a Schedule A of the Federal return. But if you live out of the state of MD you can only deduct it if it is an Excise Tax. Since they raised the percentage (and I don not know) did they change if from an Excise Tax to a Sales/Use Tax? Gordon of Utopia III
The 5% MD Tax is/was an Excise Tax. Excise Taxes ARE deductible on Federal returns. The tax was raised to 6% ? If it is still an Excise tax it is still deductible. IF it is a Sales Tax it is deductible on Federal returns if you chose the MD Sales Tax deduction over the MD Income Tax deduction - you can only use one on a Schedule A of the Federal return. But if you live out of the state of MD you can only deduct it if it is an Excise Tax. Since they raised the percentage (and I don not know) did they change if from an Excise Tax to a Sales/Use Tax? Gordon of Utopia III
tax
A well hidden deduction on a vehicle is a veteran deduction, at least in Nevada. Ask at your DMV if your state has it. You will have to provide a dd 214, to prove you are a vet.
A well hidden deduction on a vehicle is a veteran deduction, at least in Nevada. Ask at your DMV if your state has it. You will have to provide a dd 214, to prove you are a vet.
Utopia-now you're talking!
Let me see about ten people say it's not, one says it is, so, it must be tax deductible!! That's what i wanted to hear!!
Let me see about ten people say it's not, one says it is, so, it must be tax deductible!! That's what i wanted to hear!!
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