Used boat purchase documents
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
Used boat purchase documents
Quote:
Originally Posted by
KG's Supra24
^Agreed but it wouldn't be a bad idea to call your local revenue office. Every state can be a little different.
Congrats!
Illinois you need to show proof, a bill of sale is useless..
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..