Gas Guzzler Tax

Gas Guzzler Tax

Gas Guzzler Tax

Can you deduct the amount you pay for gas guzzler tax on a new car?

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Jan 20, 2024
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starstarstarstarstar 		Gas Guzzler Tax Explained
by: BB

The gas guzzler tax is not deductible as an itemized deduction on your individual tax return. It's a federal tax imposed on the manufacturers or importers of certain fuel-inefficient vehicles. Consumers do not get a direct deduction for this tax when purchasing a vehicle.

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Gas Lease Money

I draw a SSI check and i do not pay taxes. Recently i leased my land to a gas company and received 15,000.00. But i owed my ex-wife a dept for more than that amount. I signed the check over to her. Do i have to pay taxes on this money?

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Jan 20, 2024
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starstarstarstarstar 		Land Leasing and Taxes
by: BB

Since you are drawing SSI (Supplemental Security Income) and not paying taxes, your income may be below the taxable threshold. However, leasing land to a gas company could potentially be considered rental income, and you might need to report it. The fact that you signed the check over to your ex-wife doesn't necessarily affect your tax liability. It's advisable to consult with a tax professional to determine your specific situation.

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Gas Road Tax in Washington

How do I get reimbursed for the road tax I paid on the gas I put into my boat? I use close to 1000 gallons per year.

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Jan 20, 2024
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starstarstarstarstar 		Road Tax Refunds for Boat Gasoline
by: BB

In many states, you can apply for a refund of the road tax on gasoline used for non-road purposes, such as in boats. To do this, you usually need to keep detailed records of your fuel purchases and usage. Contact your state's tax agency or department of revenue to inquire about the specific process and requirements for obtaining a refund of road taxes on boat fuel.

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