DroopyDog said...
I live in Missouri, I have sold a boat and I am buying a replacement boat. I have a couple of questions. First, am I able to reduce my sales tax by deducting the sale price of the first boat from the purchase price of the second? Second, is there any way to take advantage of the first time home buyer's tax break when buying a boat? Thanks.
Tuesday, February 23, 2010
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1 comment:
Dear reader, thank you for posting your question on our blog. Under the IRS rules, a boat or an investment or a rental property does not qualify for the first time home buyer credit. The sales tax is calculated on the sales price, and in your case the sales tax should be calculated on the purchase of your second or new boat and you cannot deduct the sales price of your first boat to calculate sales tax of your new one.
Good luck,
Web Tax Office Team
http://webtaxoffice.com
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