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Hi everyone,
I am getting ready to buy a used Mobius LSV from an individual. I will be using a cashiers check to pay for the boat. What I'm curious about is what type of paperwork I should be getting in return. Boat title, bill of sale, lien waiver, etc. Can anyone give me a little guidance in this area. Thank you so much.
Glenn
Congrats on the upcoming new boat! A basic bill of sale and the title are the only things I've needed in the past.
^Agreed but it wouldn't be a bad idea to call your local revenue office. Every state can be a little different.
Congrats!
Thanks guys. Can't wait to post some pics when I get it in the dock!!
Illinois you need to show proof, a bill of sale is useless..Quote:
Originally Posted by KG's Supra24
Check your state, for me, I keep a copy of the checks (photo),and copy of your bank statement, Illinois audits all boat purchases. They use Nada guides or some other useless website to determine the highest value, then attempt to collect.
They tried to say my 02 lsv was 30k and tax me on it, I paid 18k, good thing I had my evidence.
Another tip, you only pay taxes on the boat, I deduct everything, cover, ropes, trailer, upgrades, jackets, etc, etc, and keep an itemized list. I use the new full msrp price of each so your only paying tax on the "boat" itself..
WA state a bill of sale and title. The state determines value for sales tax purposes.
idaho is bill of sale and you list selling price on title. this establishes tax liability. I have sold a lot of newer cars for $1000 :)
not sure on Wisconsin as I have not bought a boat here but if it's like car, it's based on price on title.
trailer could get interesting. idaho requires a title on every trailer, down to a $200 harbor freight pwc trailer. wisconsin doesn't seem to care on some. been a real pita to get the boat trailer titled/plated in wi as it's over some predetermined length that needs registration but with my $3000 enclosed sled trailer, no plate, no title, no bill of sale, hook up and take it. wierd to me....
Interesting topic. NC requires a bill of sale and title for both trailers and vessels. There is no sales tax on used boat sales but we pay personal property tax on both based on the FMV of the property at the time of registration.
So you should really check.. For Illinois you mail in the paperwork, then about 3 months later you get a new title. The audit happens like a year later.. Lol..
In CO, boats don't have a title, so you only have a bill of sale. But the trailer is titled, registered and taxed like any car/vehicle. Since the bill of sale usually only has one price for boat and trailer, you have to estimate the split. The clerk told me that there are a lot of really expensive boats riding on $100 trailers in CO.
I was going to say this same thing. It is nice to not pay property tax etc. on the boat. Interesting to hear the different things that states require, and the extra taxes they collect, just because someone bought something, that taxes had been paid for the other time that the same thing was purchased.Quote:
Originally Posted by gregski
when i buy/sell I usually get a bill of sale, title, and keep a copy of form of payment when applicable. some cash deals are just that and as is.
Thanks for all the great advice. I live in Missouri, so when this all happens I will post the details for anyone who is interested.
Where's the boat currently registered? I'm in KS and sold my old boat to a MO resident earlier this summer. Was a real chit show for the buyer trying to get it registered in MO since KS doesn't have titles for boats and trailers under 2k lbs but MO requires them.
Require the title to be transferred upon purchase with both parties to deter the sale of a stolen.
Washington state took away the mom and pop sales by applying the sales tax based on its book value not on the actual or perceived transaction price unless the sale price is higher than the book price. If the boat or vehicle is valued less than book such as in bad shape then there is a convoluted process including appraisals that is needed.
Unless boats are different, may bought a car and the dol used the the bill of sale price. She said that they no longer use assessed value. This was April. Something else changed was since we voted in the law that eliminates the need for me plates every three years, they system requiring new tabs on any title transfer regardless of expiration. My tabs are 2 months old!