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Are Boat registration fees tax deductible?

#1 User is offline   spacelord 

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Posted 11 April 2011 - 06:43 PM

I itemize by car registration fees each year. Can I deduct the boat registration fee I pay every 3 years also?

Thanks.


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#2 User is offline   270 Crown 

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Posted 11 April 2011 - 06:45 PM

Yes, I do. My tax advisor told me to.
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#3 User is offline   tcg 

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Posted 11 April 2011 - 07:09 PM

Source

Personal Property Taxes

Personal property tax is deductible if it is a state or local tax that is:

* Charged on personal property,

* Based only on the value of the personal property, and

* Charged on a yearly basis, even if it is collected more or less than once a year.

A tax that meets the above requirements can be considered charged on personal property even if it is for the exercise of a privilege. For example, a yearly tax based on value qualifies as a personal property tax even if it is called a registration fee and is for the privilege of registering motor vehicles or using them on the highways.

If the tax is partly based on value and partly based on other criteria, it may qualify in part.
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#4 User is offline   spacelord 

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Posted 11 April 2011 - 07:21 PM

I wonder if I need to divide it by 3 then since it is good for 3 years.. or take it all for 2010.


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#5 User is offline   pquest29 

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Posted 11 April 2011 - 07:23 PM

QUOTE(270 Crown @ Apr 11 2011, 07:45 PM) <{POST_SNAPBACK}>
Yes, I do. My tax advisor told me to.

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#6 User is offline   tcg 

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Posted 11 April 2011 - 07:23 PM

QUOTE(spacelord @ Apr 11 2011, 08:21 PM) <{POST_SNAPBACK}>
I wonder if I need to divide it by 3 then since it is good for 3 years.. or take it all for 2010.

I am not a tax lawyer and don't even play one on tv but I always thought you take the entire amount in the year it was paid.
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#7 User is offline   270 Crown 

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Posted 11 April 2011 - 07:25 PM

QUOTE(tcg @ Apr 11 2011, 07:23 PM) <{POST_SNAPBACK}>
I am not a tax lawyer and don't even play one on tv but I always thought you take the entire amount in the year it was paid.

That's what I do.
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#8 User is online   KMC 

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Posted 11 April 2011 - 07:54 PM

QUOTE(270 Crown @ Apr 11 2011, 08:25 PM) <{POST_SNAPBACK}>
QUOTE(tcg @ Apr 11 2011, 07:23 PM) <{POST_SNAPBACK}>
I am not a tax lawyer and don't even play one on tv but I always thought you take the entire amount in the year it was paid.

That's what I do.

You probably could do it either way, as long as you're consistent. If you "accrue" the tax each year, then pay it on the third year, it could be deducted either way... but I'd ask someone who really knows instead of me. wink.gif
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#9 User is offline   sleeper 

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Posted 12 April 2011 - 07:13 AM

Is your boat registration based on value of the boat?

I thought it was based on size or displacement.
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#10 User is offline   tcg 

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Posted 12 April 2011 - 07:18 AM

QUOTE(sleeper @ Apr 12 2011, 08:13 AM) <{POST_SNAPBACK}>
Is your boat registration based on value of the boat?

I thought it was based on size or displacement.

Correct.

http://www.michigan.gov/dnr/0,1607,7-153-1...34770--,00.html
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#11 User is online   KMC 

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Posted 12 April 2011 - 08:41 AM

QUOTE(tcg @ Apr 12 2011, 08:18 AM) <{POST_SNAPBACK}>
QUOTE(sleeper @ Apr 12 2011, 08:13 AM) <{POST_SNAPBACK}>
Is your boat registration based on value of the boat?

I thought it was based on size or displacement.

Correct.

http://www.michigan.gov/dnr/0,1607,7-153-1...34770--,00.html

So this sounds like a conflict.. the rule states "only based on value", but this list is based on length... so, deduct-able or not?
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#12 User is offline   Cadmonkey 

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Posted 12 April 2011 - 08:46 AM

car fee's arent based on value or mine would go down each year with depreciation, not stay the same every year. dry.gif
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#13 User is online   Float On 

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Posted 12 April 2011 - 08:48 AM

QUOTE(Cadmonkey @ Apr 12 2011, 09:46 AM) <{POST_SNAPBACK}>
car fee's arent based on value or mine would go down each year with depreciation, not stay the same every year. dry.gif


Car registrations do go down every year.
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#14 User is offline   ColPepper 

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Posted 12 April 2011 - 09:26 AM

QUOTE(Pornodave @ Apr 12 2011, 09:48 AM) <{POST_SNAPBACK}>
QUOTE(Cadmonkey @ Apr 12 2011, 09:46 AM) <{POST_SNAPBACK}>
car fee's arent based on value or mine would go down each year with depreciation, not stay the same every year. dry.gif


Car registrations do go down every year.

Funny I've been paying the same amount since I bought my 94 chevy caprice 12 years ago.. It has not dropped a dime.. When does it start dropping? By now you would think that it would be free since my car is almost 20 years old. LOL

I've alway been under the impression that my boats registration fee was not tax deductable and have never tried to deduct it before.. From what I read it must be Imposed on a yearly basis, AND based only on the value of the property in order to qualify as a tax deduction..
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#15 User is online   Float On 

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Posted 12 April 2011 - 09:35 AM

QUOTE(ColPepper @ Apr 12 2011, 10:26 AM) <{POST_SNAPBACK}>
QUOTE(Pornodave @ Apr 12 2011, 09:48 AM) <{POST_SNAPBACK}>
QUOTE(Cadmonkey @ Apr 12 2011, 09:46 AM) <{POST_SNAPBACK}>
car fee's arent based on value or mine would go down each year with depreciation, not stay the same every year. dry.gif


Car registrations do go down every year.

Funny I've been paying the same amount since I bought my 94 chevy caprice 12 years ago.. It has not dropped a dime.. When does it start dropping? By now you would think that it would be free since my car is almost 20 years old. LOL



Starts the year you buy it, not sure how long it keeps going down though.

Just checked one of our company cars, it hass been going down about $12 a year. Seems about what mine has been going down too. I lease, so I never have one for more than three years though.

Years ago car registrations fees were based on weight I believe, they are now based on value.
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