boat loan and sales tax ?
#1
Platinum Member
Platinum Member
Thread Starter
Join Date: Feb 2001
Location: poughkeepsie, ny, usa
Posts: 1,198
Likes: 0
Received 0 Likes
on
0 Posts
boat loan and sales tax ?
I am considering purchasing a used boat at the end of the season . do all boat loan financers require you to register the boat right away or can i have insurance on it and register and pay sales tax in the spring ?
#3
Gold Member
Gold Member
Re: boat loan and sales tax ?
If you a buying from a dealer or broker you may have to pay the tax at purchase time. If you are going through a private seller, you may be able to stall for a while.
#5
Re: boat loan and sales tax ?
Ask your lender. My purchase was out of state too.
Because the lender held the title and did the title work, they paid the tax on my behalf (and I wrote them a check).
Later I registered it myself using the memorandum of title.
Because the lender held the title and did the title work, they paid the tax on my behalf (and I wrote them a check).
Later I registered it myself using the memorandum of title.
#6
VIP Member
VIP Member
Join Date: Jul 2004
Location: Fort Lauderdale
Posts: 412
Likes: 0
Received 0 Likes
on
0 Posts
Re: boat loan and sales tax ?
Is it a brokerage boat or dealer owned ?
As a dealer you collect sales tax at time of sale. A brokered boat is up to you, as a dealer can't accept tax on someone else's property.
As a dealer you collect sales tax at time of sale. A brokered boat is up to you, as a dealer can't accept tax on someone else's property.
#7
Charter Member #71
Charter Member
Re: boat loan and sales tax ?
If you pay a sales tax before 12/05 its a tax deduction. Wont be the case next year if they dont renew the provision.
#8
Platinum Member
Platinum Member
Thread Starter
Join Date: Feb 2001
Location: poughkeepsie, ny, usa
Posts: 1,198
Likes: 0
Received 0 Likes
on
0 Posts
Re: boat loan and sales tax ?
actually it is a repoed boat that is bank owned I assume . Is this sales tax deduction for all states ? I live in n.y.
#9
Registered
Re: boat loan and sales tax ?
All of these answers are of no use to you unless they live in your state. EVERY state is different for the most part.
If I was answering your question for my state the answer would be "you won't EVER have to worry about it". There is no sales tax on a used boat here regardless of where it came from.
My last boat cost me $48 to tag including trailer. This was also a three year tag. A million dollar boat wouldn't have cost my any more money to tag than the one I bought.
Buck
If I was answering your question for my state the answer would be "you won't EVER have to worry about it". There is no sales tax on a used boat here regardless of where it came from.
My last boat cost me $48 to tag including trailer. This was also a three year tag. A million dollar boat wouldn't have cost my any more money to tag than the one I bought.
Buck
#10
Charter Member #71
Charter Member
Re: boat loan and sales tax ?
If you have to pay sales tax in your state on used boats, it can be a deduction on your fed return. That provision was put in last year and this year to encourage people to buy big ticket items.
I dont remember all the details, you should talk to a tax advisor.
In FL you pay 6% on the purchace price minus the trade in if you have one. Since there is no state income tax here, it could be a big write off. It worked for me last year when I bought a used boat.
I dont remember all the details, you should talk to a tax advisor.
In FL you pay 6% on the purchace price minus the trade in if you have one. Since there is no state income tax here, it could be a big write off. It worked for me last year when I bought a used boat.