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Showing posts from March, 2010

Lake Ozark Real Estate News - Tax Time Tip: Boat owners may have federal tax deductions available

Published: Wednesday, March 17, 2010 9:18 AM CDT
Recreational boat owners who paid state sales taxes on a boat purchase, or those who secured a loan to finance a boat, may have some tax deductions available when filing their 2009 federal income tax return.

The 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 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.

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.

The Boat Loan Deduction

For those owners with a secured boat loan, mortgage interest paid on t…

Lake Ozark Real Estate News - John Q Hammons development at Lake of the Ozarks Clears legal hurdle

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By Lakeexpo.com Staff Published Tuesday, Mar 9, 2010

CAMDEN COUNTY, MO - After over two years of legal wrangling, the City of Osage Beach has prevailed against Four Seasons Marina Rentals, Inc. The lawsuit questioned the legality of the decision by the city to extend a $3.7 million Tax Increment Financing district to John Q. Hammons Hotels & Resorts for Chateau Lake of the Ozarks. Four Seasons Marina Rentals contested the "blighted" designation given the piece of property on the Grand Glaize Arm of the lake.

Construction of the $100 million, 15 story, 320 room luxury hotel was put on hold pending legal resolution. Senior Judge B.C. Drumm, Jr. issued the declaratory judgment Monday, March 8, upholding the constitutionality of the decision made by the City of Osage Beach to extend the TIF to Hammons.

Four Seasons Marina Rentals' attorney John Curran of Osage Beach declined comment Tuesday morning about the likelihood of appeal.

Curran filed the lawsuit December 7, 2007, the…