Used boat purchase documents

[glennomcd]

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

[brain_rinse]

Congrats on the upcoming new boat! A basic bill of sale and the title are the only things I've needed in the past.

[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!

[glennomcd]

Thanks guys. Can't wait to post some pics when I get it in the dock!!

[parrothd]

^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..

[zabooda]

WA state a bill of sale and title. The state determines value for sales tax purposes.

[sandm]

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....

[mjr119]

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.

[parrothd]

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..

[gregski]

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.