Fillable Form Wct-2 - Virginia Watercraft Sales And Use Tax Return

VIRGINIA WATERCRAFT SALES AND USE TAX WORKSHEET INSTRUCTIONS

Filing Procedure: Mail Form WCT-2 with your payment to the Department of Taxation, P.O. Box 2185, Richmond, Virginia 23218-

2185, or deliver to your local commissioner of the revenue or treasurer, as soon as possible after the close of the reporting period

but not later than the 20th day of the following month. A return must be filed for each reporting period even if no tax is due.

Change of Ownership: If there has been a change of ownership, do not use the return with the name and account number of the

former owner. Send the return with notice of change to the Virginia Department of Taxation, P.O. Box 1114, Richmond, Virginia

23218-1114. You can register a new dealer and/or locations by either completing a Form R-1, Business Registration Application,

or electronically using iReg on the Department’s website,

Change of Address/Out-of-Business: If you change your business mailing address or discontinue your business, either send a

completed Form R-3, Registration Change Request, or a letter to the Virginia Department of Taxation, P.O. Box 1114, Richmond,

Virginia 23218-1114.

Questions: If you have questions, please call (804) 367-8037 or write the Virginia Department of Taxation, P.O. Box 1115, Richmond,

Virginia 23218-1115. Most Virginia tax forms, including the forms mentioned above, can be obtained from the Department’s website,

, or by calling (804) 367-8037. Tenemos servicios disponible en Español.

Preparation of Worksheet, Form WCT-2A

• You should use this worksheet to compute the watercraft sales and use tax liability of your place of business shown on the

Virginia Watercraft Sales and Use Tax Return, Form WCT-2. Form WCT-2 is used to report and pay the tax to the Department.

• Do not report any other sales on these forms. If you make separate sales of accessories or parts, they must be reported on the

Virginia’s Retail Sales and Use Tax Return, Form ST-9.

• Retain this worksheet as a part of your tax records; do not file it with Form WCT-2.

• Transfer the items indicated by the arrows on this worksheet to the corresponding Line numbers on Form WCT-2.

Line 1 Enter the total gross receipts from lease, rental, or other use of all watercraft powered by machinery or any sail-powered

vessel in excess of 18 feet in length measured along the centerline. Gross receipts shall include hourly rental, maintenance,

and all other charges for use of such watercraft.

Line 2 Enter the total gross receipts from the sale of all watercraft (including those sold for more than $100,000) that are powered

by a motor or any sail-powered vessel in excess of 18 feet in length measured along the centerline. Enter “0” if you did

not agree to collect the tax on the sale of watercraft.

Line 3 Enter the total of Lines 1 and 2.

Line 4 Enter the following deductions:

(a)

All charges for services of piloting, crew, and other services that are separately stated on the client’s invoice.

(b)

Any watercraft sold to or used by the United States or any of the governmental agencies thereof, the Commonwealth

of Virginia or any political subdivision.

A deduction may not be claimed for gross receipts from rentals, leases, or charters to the United States or any

governmental agencies thereof, or to the Commonwealth of Virginia or any political subdivision thereof.

(c)

If you sold any watercraft during the month for more than $100,000, enter the amount in excess of $100,000. For

example, if you sold a watercraft for $125,000, you must include $125,000 in Line 2 and deduct $25,000 ($125,000

minus $100,000 = $25,000) in Line 4(c).

(d)

Enter any other deduction allowed by law (enclose schedule).

(e)

Enter the sum of Lines 4a, 4b, 4c, and 4d.

Line 5 Enter the result of Line 3 minus Line 4(e). This is the amount on which the 2% sales and use tax must be computed.

Line 6 Enter 2% of Line 5. This is the watercraft sales and use tax.

Line 7 Enter the penalty if you file the return and/or pay the tax after the due date. The penalty is 6% of the tax due in Line 6 for

each month, or part of a month, that the tax is not paid, not to exceed 30%.

Line 8 Enter the interest if you file the return and/or pay the tax after the due date. Interest is computed at the applicable rate on

the tax due in Line 5.

Line 9 Enter the sum of Lines 6, 7, and 8.

Form Wct-2 - Virginia Watercraft Sales And Use Tax Return - 2016 Page 3

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