Taxes on boat purchase
07-20-2007, 10:33 AM
#1
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Taxes on boat purchase
Guys,
IL changed their law a year or two ago and now require taxes on a privare party-to-private party sale (used to be no tax). If I register/ Coast Guard document, will I need to pay the state taxes? Or, is that the way around it? What would be the cost?
It's bs that they tax it after each sale since it's all ready been paid at the time of the first purchase, a substantial sum at that...
IL changed their law a year or two ago and now require taxes on a privare party-to-private party sale (used to be no tax). If I register/ Coast Guard document, will I need to pay the state taxes? Or, is that the way around it? What would be the cost?
It's bs that they tax it after each sale since it's all ready been paid at the time of the first purchase, a substantial sum at that...
07-20-2007, 12:23 PM
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Guys,
IL changed their law a year or two ago and now require taxes on a privare party-to-private party sale (used to be no tax). If I register/ Coast Guard document, will I need to pay the state taxes? Or, is that the way around it? What would be the cost?
It's bs that they tax it after each sale since it's all ready been paid at the time of the first purchase, a substantial sum at that...
IL changed their law a year or two ago and now require taxes on a privare party-to-private party sale (used to be no tax). If I register/ Coast Guard document, will I need to pay the state taxes? Or, is that the way around it? What would be the cost?
It's bs that they tax it after each sale since it's all ready been paid at the time of the first purchase, a substantial sum at that...
We were told by our friends who have a documented boat that you do not get out of paying sales tax, it just can take two to three years before the state catches up to you in order to get their money. At least that's Ohio's way of doing it.
07-20-2007, 12:51 PM
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Used boats in Arkansas, regardless of price, have ZERO sales tax. This applies to boats being purchased from other states and brought in too.
Bottom line, it's different everywhere.
Buck
07-20-2007, 12:58 PM
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in jersey wether is a private sale or dealer sale ya still pay taxes. you get the break in jersey if you trade something...then you only pay tax on the difference. 20k purchase with a 10k trade your taxed on 10k
07-20-2007, 01:17 PM
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Varies from state to state. In Arkansas you pay it if the sale is $2,500 or more. Doesn't matter how many times it's been sold. Up until about 5 years ago you didn't pay any sales tax on a used vehicle here.
Used boats in Arkansas, regardless of price, have ZERO sales tax. This applies to boats being purchased from other states and brought in too.
Bottom line, it's different everywhere.
Buck
Used boats in Arkansas, regardless of price, have ZERO sales tax. This applies to boats being purchased from other states and brought in too.
Bottom line, it's different everywhere.
Buck
07-23-2007, 10:02 PM
#7
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You may want to check on some yachting sites. For some states, if you keep the boat out of state for X months, you don't have to pay sales tax. A lot of yachts were going down to Baja California just for the reason after the owners purchased them.
Michael
Michael
