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coffclan
New Member

Do i enter my info about my purchase of a used boat under personal property taxes?

 
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3 Replies
ColeenD3
Expert Alumni

Do i enter my info about my purchase of a used boat under personal property taxes?

Yes.  You can also claim the sales tax. Sales tax

 

Personal property taxes are reported under a separate category under 

  • Deductions & Credits 
  • Cars and Other Things You Own
  • Personal Property Taxes.

You can deduct state and local taxes that you pay for your personal property. Personal property is all property except real property (such as your home, vacation home, and rental property). The taxes must be assessed annually and must be based on the value of personal property you own.

c_11
Level 2

Do i enter my info about my purchase of a used boat under personal property taxes?

In the personal property tax section, turbo tax states -charged on a yearly basis.  For my situation it is the purchase of a boat, so one time, not "yearly basis" would this still be covered under personal property tax?  thank you clarifying. 

 

understand that this year due to large purchase it will be better to utilize the sales tax deduction vs normally taken state and local tax deduction

PattiF
Expert Alumni

Do i enter my info about my purchase of a used boat under personal property taxes?

No, the purchase of a boat would not be entered under personal property taxes since this is not a yearly expense.

 

The sales tax that you paid on the boat can be entered on Schedule A. TurboTax will decide which of the two is more beneficial: the sales tax deduction or the state and local tax deduction.

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