Boat deductions
 

Boat deductions
 

Fred Dehl wrote:
It's hard to qualify for a deduction when YOU PAY NO INCOME TAXES IN THE
FIRST PLACE. The bottom FIFTY PERCENT of taxpayers pays ONLY FIVE PERCENT
of income taxes.

I see that a few people are still SHOUTING their stupid
political lies here. Obviously you did not bother to check
the IRS web site for actual tax figures. The truth is very
easy to find.

Hey Fred, got a boat?

As for the reason for tax deductions for the *interest* on
boat loans, it depends on your point of view. In one way, it
is an indirect subsidy for the banking industry. In another
way of looking at it, it's a fair way of stimulating the
economy by encouraging people to buy things.

FWIW we have used the boat loan interest deduction for
years. There are several criteria, among them that the boat
has to have a potty & a galley, and you have to sleep on
board for a certain number of nights per year.

DSK

Boat deductions
 

"DSK" wrote in message
. ..
Fred Dehl wrote:
It's hard to qualify for a deduction when YOU PAY NO INCOME TAXES IN THE
FIRST PLACE. The bottom FIFTY PERCENT of taxpayers pays ONLY FIVE
PERCENT of income taxes.

I see that a few people are still SHOUTING their stupid political lies
here. Obviously you did not bother to check the IRS web site for actual
tax figures. The truth is very easy to find.

Hey Fred, got a boat?

As for the reason for tax deductions for the *interest* on boat loans, it
depends on your point of view. In one way, it is an indirect subsidy for
the banking industry. In another way of looking at it, it's a fair way of
stimulating the economy by encouraging people to buy things.

FWIW we have used the boat loan interest deduction for years. There are
several criteria, among them that the boat has to have a potty & a galley,
and you have to sleep on board for a certain number of nights per year.


How many nights per year?

Boat deductions
 

"Harry Krause" wrote in message
. ..
Fred Dehl wrote:
Tamaroak wrote in news:576dnVxMv5qMfyTeRVn-
:

The poor in this country don't qualify for these deductions

It's hard to qualify for a deduction when YOU PAY NO INCOME TAXES IN THE
FIRST PLACE. The bottom FIFTY PERCENT of taxpayers pays ONLY FIVE
PERCENT of income taxes.


Your "facts" are wrong.

His facts are pretty damn close:
http://www.ctj.org/pdf/fsl2004.pdf


The bottom 40% pay only 7.7% of the taxes.

The top 20% pay 62.6% of the taxes.

The top 40% pay 81.6% of the taxes.

Boat deductions
 

FWIW we have used the boat loan interest deduction for years. There are
several criteria, among them that the boat has to have a potty & a galley,
and you have to sleep on board for a certain number of nights per year.



NOYB wrote:
How many nights per year?


I don't know for sure. Ask an accountant. It's the same as
the number of nights you need to sleep in a 2nd home for it
to qualify for the same deduction.

DSK

Boat deductions... OT political BS
 

NOYB wrote:
His facts are pretty damn close:
http://www.ctj.org/pdf/fsl2004.pdf


Why not go straight to the IRS? Get your "facts" from the
people who actually know and do not have an axe to grind.

And, if a fact is "almost" right then do you consider it a fact?


The bottom 40% pay only 7.7% of the taxes.

And is this a problem? If they receive only 7.7% (or
thereabouts) of the income, then that's ALL THE TAXES THEY
*_*_*SHOULD*_*_* PAY....

unless of course you believe that the poor & middle class
should work & pay taxes to subsidize the rich.

DSK

Boat deductions... OT political BS
 

"DSK" wrote in message
. ..
NOYB wrote:
His facts are pretty damn close:
http://www.ctj.org/pdf/fsl2004.pdf


Why not go straight to the IRS? Get your "facts" from the people who
actually know and do not have an axe to grind.

And, if a fact is "almost" right then do you consider it a fact?


The bottom 40% pay only 7.7% of the taxes.

And is this a problem? If they receive only 7.7% (or thereabouts) of the
income, then that's ALL THE TAXES THEY *_*_*SHOULD*_*_* PAY....

The bottom 40% earn 10.4% of the income, but pay only 7.7% of the taxes.

The top 40% earn 77.9% of the income, but pay 81.6% of the taxes.


It should be a one-to-one correlation. In other words, if a certain segment
earns 77.9% of the income, they should pay 77.9% of the taxes.

Boat deductions... OT political BS
 

"DSK" wrote in message
. ..
NOYB wrote:
His facts are pretty damn close:
http://www.ctj.org/pdf/fsl2004.pdf


Why not go straight to the IRS? Get your "facts" from the people who
actually know and do not have an axe to grind.

And, if a fact is "almost" right then do you consider it a fact?


The bottom 40% pay only 7.7% of the taxes.

And is this a problem? If they receive only 7.7% (or thereabouts) of the
income, then that's ALL THE TAXES THEY *_*_*SHOULD*_*_* PAY....

I'm all for everyone putting in no more than 20% of their income in taxes.
This includes all taxes at all levels and for anything.

unless of course you believe that the poor & middle class should work &
pay taxes to subsidize the rich.

When the bottome 40% are only putting 7.7% into the Fed's coffers then they
shure as hell aren't subsidizing anyone. If they want to pay more taxes then
they can go out and get a job that pays more money!

Boat deductions
 

NOYB wrote:
His facts are pretty damn close:
http://www.ctj.org/pdf/fsl2004.pdf


The bottom 40% pay only 7.7% of the taxes.

The top 20% pay 62.6% of the taxes.

The top 40% pay 81.6% of the taxes.

And we effectively have a flat tax to within about 1.7%.

Why would the wealthy complain?

Shares of
Average Total Total
cash income taxes
income now
----------------------------------------
Lowest 20% $ 10,400 3.4% 2.2%
Second 20% 21,200 7.0% 5.5%
Middle 20% 34,500 11.7% 10.5%
Fourth 20% 56,300 19.2% 19.0%
Next 15% 96,700 25.2% 26.5%
Next 4% 201,000 14.4% 15.3%
Top 1% 978,000 19.1% 20.8%
ALL $ 56,800 100.0% 100.0%

Boat deductions
 

"DSK" wrote in message
.. .
FWIW we have used the boat loan interest deduction for years. There are
several criteria, among them that the boat has to have a potty & a
galley, and you have to sleep on board for a certain number of nights per
year.



NOYB wrote:
How many nights per year?


I don't know for sure. Ask an accountant. It's the same as the number of
nights you need to sleep in a 2nd home for it to qualify for the same
deduction.


There are no occupancy requirements whatsoever to qualify for the interest
deduction on a second home (boat) if the home or boat is used purely for
personal use. The only time an occupancy requirement plays into the mix is
if the second home is rented for part of the year or the boat is chartered
out for part of the year.