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  1. #11
    Registered Donzilla's Avatar
    My Boats:
    86 donzi minx, 82 Donzi Hornet II
    Join Date
    Jan 2002

    Re: Tax saving question

    Bob, good point but that is Fed not state tax the gov still wants his cut in NJ.

  2. #12
    Registered Titan's Avatar
    My Boats:
    33 Stratos, Sweet 16 Donzi
    Join Date
    Oct 2002
    Mill Neck, NY

    Re: Tax saving question

    Quote Originally Posted by Robert Geoghegan
    I disagree with most of the above post. Most car dealers (and Boat dealers) are not familiar with what is known as a "1031 Personal Property Exchange". A 1031 is most often used with Real Estate, however, this exchange also applies to: Trailers, Containers, Construction Equipment, Barges, Airplanes, Buses, Office Furniture, even Artwork.
    Check out for more info.
    I'm not an accountant, so I'd reccomend checking with one.
    Good Luck.

    Wow I am in the title insurance industry here in Long Island and work with many 1031 exchange companies for the sale of Real Estate. But I never knew that they could also do like kind exchanges for recreational vehicles too. It does make sense though if you are able to deduct a boat like a second home why not be able to defer the sales tax. The one thing I am questioning though is the fact that there is no Capital Gain on a boat. I thought that is the purpose of the 1031 exchange to deffer capital gain to the next property. And in theroy pay the capital gain down the road....
    Last edited by Titan; 03-15-2006 at 09:50 AM.

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