can i claim fed & state deduction on taxes paid when purchased used boat in ky?

Question

bought used boat 2006 and paid $900 state taxes...can i claim this as a deduction>

Answer 1

If it is state sales tax, then yes you CAN. The question is, is it worth it? the Sales Tax deduction is an alternative to the State Income Tax deduction. The tables in Publication 600 will allow you to calculate youe sales tax deduction. you then compare that to your state income tax deduction (how much you had withheld plus any income tax estimates paid to the state in 2006) and take the higher amount. Of course, this only applies if you itemize. If you cannot itemize, you cannot take either deduction.

Answer 2

You can but it probably would not be worth to you since you probably didn't keep track of the state sales taxes you paid and if you did it still may not exceed the state income tax you paid and would normally deduct.

Answer 3

I dont think you can unless the purchase was for work, or your own company. I am not positive about that, but I am pretty sure