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Tips on tax deductions for boat owners

Recreational boat owners who paid state sales taxes on a boat purchase, or those who secured a loan to finance a boat, might have some tax deductions coming to them when filing their 2010 federal income tax return, according to BoatU.S.

For boat owners who paid substantial state sales taxes on a new- or used-boat purchase last year, the Tax Extenders Act of 2008 continues to offer a federal tax 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.

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