Taxes

[off-the-grid]

So, according to a neighbor you can actually get a tax credit for solar panels and wind generators on a boat, just like a house.

Here's the question, though. can you get a credit if the boat had them when you bought it?

Or maybe should just fill out as much as I can in TurboTax and ask a pro before submitting, since even with just the purchase of the boat, and a few other things, I'm probably going to need a little help this year anyway.

[lorenzo b]

Taxes? That just south of Oklahoma, best to ignore them.

[David M]

See a tax professional if Turbo Tax cannot answer your questions. If you have more complex taxes, a professional can most of the time save you more money than you pay them. Turbo Tax, etc is nowhere near complete compared to what a good tax pro knows.

[FSMike]

I believe the tax credit is designed to encourage people to replace older traditional power systems with new renewable sources of energy. If that is indeed the case, I doubt that pre-existing systems would qualify.
It might also be that your boat may have to qualify as either your personal residence or at least a vacation home.
I may also be totally wrong.

[off-the-grid]

Yeah, Mike, of course that last part is mandatory. I meant my neighbor as in tthe next dock over. We're both full timers.

[anjou]

Here in UK we have to pay VAT at 17.5%, but last October, one guy won a court ruling that house boats, ie, a boat thats your only residence, it exempt from the VAT.
The boat has to be over 15 tonnes.

But, as per usual with this scummy government, they dont go by normal weight but some damn sneeky formula which only comes to less than half the true boat weight.

Talk about Shylock and his pound of flesh. Oh well, gots to think of new ways to scam the treasury out of their taxes

[denverd0n]

Originally Posted by grunzster

can you get a credit if the boat had them when you bought it?

No. The credit is for the purchase of new renewable energy device.

Of course, you should still contact a tax professional, or research the laws yourself. Internet tax advice is worth just as much as internet legal advice--exactly what you pay for it!

[off-the-grid]

Originally Posted by denverd0n

No. The credit is for the purchase of new renewable energy device.

Of course, you should still contact a tax professional, or research the laws yourself. Internet tax advice is worth just as much as internet legal advice--exactly what you pay for it!

True! Not to mention I wouldn't have a clue how to do it in TruboTax anyway...and then would really get thrown when it asks me how much I paid. Hmm...boat coast this much overall, these panels sold for this 3 years ago, minus depreciation???

[Captain Bill]

Maybe you could try the ploy of claiming that you bought only the solar panels( paid an outrageous price for them), but the PO threw in the boat for free? Maybe not.

[off-the-grid]

Great idea! I could wind up getting enough back to pay off the loan and then some.

[Bright Eyes]

the solar panels and wind genny are def tax credits. they are only good in the year you purchase them, but you did just purchase them. if you can allocate a portion of the boat cost to the panels then you might be ok, i dont see why not.

also if you live aboard you could quailfy for the first time home buyers credit. i just took it in 2009 since ive never owned a home before. you get 10% of purchase price back!

[osirissail]

If you have any plans to go cruising in your boat - don't mess around with trying to "out fox" the Fed's. Sure enough as soon as you set sail a letter will arrive asking for you to appear and explain this unusual tax credit. Then you will spend the next year or three and many of your cruising kitty dollars on tax lawyers and transportation to and from IRS offices.

[off-the-grid]

I'm not out foxing. I just want to claim every penny I'm entitled too. At that point may be cheaper and less aggravating to just stay out cruising, keep your bank account under the mattress, and permanently become an expat.

[bloodhunter]

Agree with grunzter. Its a legitimate claim -- just as you can deduct the interest payments on a boat loan if you live on the boat.
However, ex-pats have to be careful about income taxes. I know there's an earned income exclusion for Americans living abroad, but to claim it you may have to prove you're a bonafide resident of a foreign country. Unearned income, of course, is in a completely different category. (I used to cover this stuff when I was a Washington correspondent for the International Herald Tribune many year ago and I had to become an expert on Sections 911, 912, 913 of the tax code).

[sailorboy1]

I enjoyed seeing a thread titled "Taxes", where the last posting was by a "bloodhunter"

of course I've now messed this up