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

[Aquapod770]

(06-17-2016, 03:37 PM)Benton Wrote: 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.

This is why I'm for a low flat tax rate with little to no deductions.