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  1. #1
    Join Date
    Apr 2015
    Location
    O Fallon, MO
    Posts
    34

    Default 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

  2. #2
    Join Date
    Jul 2008
    Location
    Des Moines, IA
    Posts
    3,237

    Default

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

  3. #3
    Join Date
    Mar 2010
    Location
    Arkansas
    Posts
    3,952

    Default

    ^Agreed but it wouldn't be a bad idea to call your local revenue office. Every state can be a little different.

    Congrats!
    2016 Moomba Mojo
    2006 Supra 24SSV - Traded

  4. #4
    Join Date
    Apr 2015
    Location
    O Fallon, MO
    Posts
    34

    Default

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

  5. #5
    Join Date
    Aug 2011
    Posts
    2,326

    Default Used boat purchase documents

    Quote Originally Posted by KG's Supra24 View Post
    ^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..
    Last edited by parrothd; 07-28-2015 at 10:10 PM.
    http://www.instgram.com/jlyons30
    2002 Moomba Mobius LSV - Sold
    2006 Moomba Mobius LSV - Sold
    2017 Moomba Craz - Enzos, Lead

  6. #6
    Join Date
    Mar 2003
    Location
    s.e. washington state
    Posts
    3,072

    Default

    WA state a bill of sale and title. The state determines value for sales tax purposes.
    1998 Mobius
    310 HP PCM
    SOLD

  7. #7
    Join Date
    Jun 2008
    Location
    Henderson, NV
    Posts
    5,304

    Default

    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....
    '06 Supra Launch 20SSV-gone but never forgotten

  8. #8
    Join Date
    May 2015
    Location
    NC
    Posts
    461

    Default

    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.
    2003 Mobius LSV GG Edition - Sold!

  9. #9
    Join Date
    Aug 2011
    Posts
    2,326

    Default

    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..
    http://www.instgram.com/jlyons30
    2002 Moomba Mobius LSV - Sold
    2006 Moomba Mobius LSV - Sold
    2017 Moomba Craz - Enzos, Lead

  10. #10
    Join Date
    Oct 2013
    Location
    Ft. Collins, CO
    Posts
    681

    Default

    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.
    2007 Mobius LSV
    1989 Sanger Skier DX - sold

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