Bill would require drug test to claim high-dollar tax deduction

[Benton]

(06-17-2016, 03:05 PM)JustWinBaby Wrote: I'm not aware of any deductions only available to certain tax brackets.  Perhaps you can enlighten me.

Wait, I take that back....I AM aware of deductions that are PHASED OUT as you reach higher tax brackets.  But I'm pretty sure you aren't talking about those.

You can't write off interest on your john boat. You CAN write off interest on your yacht claiming it as a home. Likewise, you can write off mortgage interest on your home. If you've got a second home (or a yacht) you can write that off, too.

Speaking of boats, in my county (can't speak across the board) you pay a smaller property tax on larger boats than smaller ones. I don't remember the sizes, but it's basically fishing boats and smaller pay a higher tax, whereas anything larger (houseboats up to yachts) pay about half that rate.

Own a horse? They cost money and don't give many breaks... unless you own a race horse. Those have healthy depreciations and deductions.

I think it's expired, but as of a few years ago, you could also over depreciate some larger luxury vehicles provided you write them off through a business. Due to the way it was written, there wasn't anything that qualified under $60,000. I think it went up to $100,000 depreciation per year, or that might have been two years. I don't remember, and it really doesn't matter. The Hummer loophole.