topic How do I handle a gifted boat on our taxes for 2016? in Get your taxes done using TurboTax

How do I handle a gifted boat on our taxes for 2016?

sarah-rene88 — Thu, 06 Jun 2019 09:28:12 GMT

My husband was given a boat in 2016, we received a property tax document in January but no other information. Do I need to claim it as personal property on our taxes and is any part of the annual registration tax deductible?

A gift is not taxable income, so you don't report receipt...

RichardG — Thu, 06 Jun 2019 09:28:14 GMT

A gift is not taxable income, so you don't report receipt of the boat as income. As for the registration fee, if the amount of the registration fee is based on the value of the boat, you can deduct that under personal property taxes.