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Old 04-15-2010, 12:15 PM
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Default Motor Vehicle and vessel registration fees - Deductable?

Here's a tax day topic - I've already long since sent in my return, but I was told today that the registration (tag) fees for your cars and boats can be deductable items - anybody got the skinny on that?

Given that Florida pretty much doubled the vehicle and vessel registration fees recently, with 3 cars, 2 boats, and 2 trailers in my household, it might even be worth filing an amended return
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Old 04-15-2010, 12:26 PM
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If you itemize, the sales tax is deductible. The sales tax on a brand new car can be deductible even if you take the standard deduction. The fees for registration and tags is only deductible if the vehicle, boat, trailer, etc is used for business purposes and then they can be deducted as a business expense.

Unless you're a licensed charter boat or commercial fishing vessel, you're pretty much out of luck.
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Old 04-15-2010, 12:36 PM
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Actually, auto and boat registration fees are personal property taxes and can be deductible, if they are based on the value of the vehicle. In California where I am, only part of the fee is deductible.

Sales tax can be deducted only in lieu of a state or local income tax deduction, so you should figure it both ways and pick the one that gives you the lowest tax.

Here is a reference:

http://www.irs.gov/taxtopics/tc503.html
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Old 04-15-2010, 01:28 PM
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Quote:
Originally Posted by TopCat View Post
Here's a tax day topic - I've already long since sent in my return, but I was told today that the registration (tag) fees for your cars and boats can be deductable items - anybody got the skinny on that?
They are not. Ask your tax professional.
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Old 04-15-2010, 02:50 PM
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According to TurboTax (some of us know how to use it, even if Sec Treas doesn't), some or all registration fees can be deducted in 20 states. South Carolina is included, Florida is not.
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Old 04-15-2010, 04:21 PM
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According to my accountant, they are deductible straight across (assuming you itemize) and I deducted them this year. They're cheap here, so if I'm wrong, it's only a difference of like $20, so it's a gamble I'm willing to take.
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Old 04-15-2010, 09:34 PM
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AL, AZ, CA, CO, GA, IN, IA, KY, LA, MI, MN, MS, MO, MT, NE, NV, NH, SC, WA, WY. See a tax advisor near you ...
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