January 28, 2009

Boat Owners May Be Eligible For Tax Deductions

Recreational boat owners who paid state sales taxes on a boat purchase, or who secured a bank loan to finance a boat may be eligible for deductions on their 2008 tax return.
Sales Tax Deduction - For boat owners who paid substantial state sales taxes on a new or used boat purchase last year, the Tax Extenders Act of 2008 signed by President Bush on October 3 continues to offer a federal tax benefit with a deduction for state sales taxes. Boaters must choose either the state sales tax deduction or state income tax deduction on their federal tax return — you cannot take both.
In addition, to take the state sales tax deduction, the sales tax on a boat purchase must be applied at the same tax rate as the state’s general sales tax. In order to claim the sales tax deduction, tax returns must be itemized. State sales taxes are entered on IRS form Schedule A, line 5b.
Boat Loan Deduction - For those owners with a secured boat loan, mortgage interest paid on the loan may be deductible from your federal income taxes. Taxpayers may use the “second home” mortgage interest deduction for one primary home and one second home and must itemize deductions on their returns. A boat is considered a second home for federal tax purposes if it has a galley, a head, and sleeping berth.
Some boaters may be unaware of this potential tax benefit because not all lending institutions send borrowers an Internal Revenue Service form 1098 which reports the interest paid. Not receiving the form does not preclude taking the deduction. If a 1098 is not available, boaters should contact their lender for the amount of interest paid and should enter it on line 11 on Schedule A along with the lender’s tax ID number. If a form 1098 is sent, boaters should simply enter the amount on line 10 of Schedule A.

For those who fall under the Alternative Minimum Tax, most deductions are unavailable as taxes are calculated differently. Boaters are urged to contact a tax preparer or financial advisor.

For more details on the mortgage deduction, go to http://www.IRS.gov and download Publication 936 or the Fact Sheets. For state tax deduction information download Publication 600, which also includes state-by-state tax tables.

January 24, 2009

If You Catch A Great White, Let It Go (Yes, Really)

Commercial shark season reopened this morning in the Gulf of Mexico. There are 20 species that must be released, including the Great White.

A 2 year investigation just closed involving a small Great White caught off Madeira Beach, resulting in over $40k in fines. An anonymous tipster called the authorities, who found the head of the shark in a storage facility in Seminole. The jaws are removed and sold on the black market for up to $25k.

The Great White Shark is an open water predator usually associated with cool waters (think Jaws) not the Gulf of Mexico. But in January, the water temps fall to 60 degrees or lower, and the sharks move into area waters, usually 20 miles offshore. Over the years, the bay area has had a few large sharks brought in, including a 2200 lb 15 1/2 foot white shark caught off Indian Rocks Beach in 1994.

In December 2008, nearly two years after the seizure, authorities released details of the operation. Three individuals and two corporations were charged.
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Boat Slips and Marinas For Sale

There are currently boatslips for sale at the following marinas:
Turtle Cove - Tarpon Springs, Island Yacht Club at Island Estates, - Clearwater, Pasadena Yacht & Country Club - St Petersburg. Prices range from $35k to @250k. There are also marinas for sale from $1 Million. For more information on Pinellas County Real Estate visit PropCo Real Estate or call toll free 888-499-5454.


Boat Ramps, Marinas, Yacht Clubs, and Storage

BOAT RAMPS

Belleair Causeway Boat Ramp 10 Ramps, 108 Parking Spaces
Park St. and Elbow Lane North, St. Petersburg

Jungle Prada Park 2 Ramps, 16 Parking Spaces
Park St. and Elbow Lane North, St. Petersburg

Madeira Beach Municipal Marina 1 Ramp, 0 Parking Spaces
503 150th Ave., Madeira Beach

Maximo Park 5 Ramps, 47 Parking Spaces
34th St. and Pinellas Point Dr. South, St. Petersburg

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Dunedin City Marina 1 Ramp, 0 Parking Spaces
51 Main St., Dunedin

Bay Vista Park 1 Ramp, 15 Parking Spaces
4th St. and Pinellas Point Dr. South, St. Petersburg

Coffee Pot Park 1 Ramp, 20 Parking Spaces
1st St. and 31st Ave. Northwest, St. Petersburg

Crisp Park 2 Ramps, 30 Parking Spaces
Popular St. and 35th Ave. Northeast, St. Petersburg

Demen's Landing Park 2 Ramps, 15 Parking Spaces
Bayshore Dr. and 2nd Ave. South, St. Petersburg

Grandview Park 2 Ramps, 40 Parking Spaces
6th St. and 39th Ave. South, St. Petersburg

Safety Harbor Marina (Municipal) 1 Ramp, 0 Parking Spaces
Tampa bay, 750 Main St, Safety Harbor

St. Petersburg Municipal Marina 2 Ramps, 0 Parking Spaces
300 Second Ave., SE, St. Petersburg

Sunlit Cove Park 1 Ramp, 5 Parking Spaces
Sunlit Cove Dr. and Bay St. Northeast, St. Petersburg

Park Boulevard Boat Ramp
18651 Gulf Boulevard Indian Shores

War Veterans' Memorial Park
9600 Bay Pines Boulevard, St. Petersburg

Ft. De Soto Park - 3500 Pinellas Bayway South, Tierra Verde

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MARINAS & YACHT CLUBS

Bay Pines Marina, St Petersburg 727-392-4922
Blind Pass Marina, St Pete Beach 727-360-4281
Boca Ciega Yacht Club 727-321-7295
Clearwater Harbor Marina 727-462-6954
Clearwater Municpal Marina 727-462-6954
Clearwater Yacht Club 727-447-6000
Carlouel Yacht Club 727-446-9162
Hubbards Marina, Johns Pass Madeira Bch 727-392-0167
Isla Del Sol Yacht Club, St Petersburg 727-906-4752
Island Yacht Club, Clearwater 727-461-2315
Island Harbor Marina, Palm Harbor 727-784-3014
Lighthouse Point Marina, St Petersburg 727-384-3625
Madeira Beach Municipal Marina 727-399-2631
Madeira Beach Yacht Club 727-393-0778
Maximo Marina, St Petersburg 727-867-8087
Pass a Grille Yacht Club 727-360-1646
Pirate's Cove Marina, Dunedin 727-733-1102
Pasadena Yacht Club 727-381-7922
Pass a Grille Marina, St Pete Beach 727-360-0100
Royal Yacht Club 727-736-4001
St Petersburg Municpal Marina 727-893-7329
St Petersburg Yacht Club 727-896-7212
Tierra Verde Marina 727-866-0255

Treasure Island Yacht Club 727-367-4511

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BOAT STORAGE

Lighthouse Yacht Services 727- 937-0327
527Anclote Rd Tarpon Springs, FL

Florida Trailer Storage 727- 533-8111
1700 Palm Way Largo, FL

Stanford Storage 727- 546-9646
7950118th Ave Largo, FL

Ozona Boat Storage & Repairs 727- 789-9497
211 Hedden Ct Palm Harbor, FL

Buccaneer Bay Storage 727- 549-8980
6675 114th Ave Largo, FL

Snug Harbor Marine Inc 727- 398-7470
13625 Gulf Blvd Madeira Beach, FL

Lightning Bay Performance 727- 578-0880
10900 Gandy Blvd N St Petersburg, FL

Gulf Marine Ways Inc 727- 937-4401
950 Dodecanese Blvd Tarpon Springs, FL

Viking Boat Works Co Inc 727- 576-1094
10121 Snug Harbor Rd NE St Petersburg, FL

Neptune Marine-Pinellas County 727- 934-2370
1046 Island Ave Tarpon Springs, FL

Progressive Marine Svc Inc 727- 822-2886
1351 Bay St SE St Petersburg, FL

Salt Creek Marine Ctr 727- 895-4481
107 15th Ave SE St Petersburg, FL

Sailor's Wharf 727- 823-1155
1421 Bay St SE St Petersburg, FL

Bay Area Rv & Boat Storage (813) 837-2132
7215 S Germer St Tampa, FL

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