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Bought used boat.....Sales tax question

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Old 10-25-2006, 09:27 PM
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Default Re: Bought used boat.....Sales tax question

N.Y. suacks they collect sales tax on everything no matter how many times it sells
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Old 10-25-2006, 09:28 PM
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Default Re: Bought used boat.....Sales tax question

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Originally Posted by mikesufka
Gentleman -

Does anyone know the law regarding a used boat and sales tax?

If I buy a used boat, out of state, do I have to pay sales tax? I was under the impression that if I bought it from an individual, I didn't have to pay sales tax. If I bought it from a dealer, than I did have to pay sales tax?

I live in MN and bought the boat from a guy in New York. A brokerage firm in Miami brokered the deal.

Thanks,

Mike
Mike, In MN you can either pay the sales tax of 6.5% of the purchase price or get this you can pay the USE TAX. The tax rate on the use tax is 6.5%. If you don't pay either tax you will be assessed penalties and fines on top of the tax.
The use tax is for cars, boats, snowmobiles, planes, ect....

I got this from the MN tax guide available on the internet.

Just pay the tax and boat worry free.
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Old 10-25-2006, 11:04 PM
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Default Re: Bought used boat.....Sales tax question

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Originally Posted by BY U BOY
In Louisiana You Only Pay Tax On The Trailer
In Louisiana you pay tax on the trailer no matter if you purchase it from a dealer or an individual at the time you license the trailer.

You only pay taxes on the boat and motor if you purchase it from a dealer (instate or out of state). You pay those taxes to your local tax assessor. Even if you buy it from an individual, you have to take the bill of sale to the tax assessor to get the tax documentation you need to get the boat registration. The paperwork from the tax assessor has to accompany your application to get your hull registration #s from Wildlife and Fisheries. My husband buys a new boat every four years, I've got this down pat.
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Old 10-25-2006, 11:11 PM
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Default Re: Bought used boat.....Sales tax question

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Originally Posted by cosmic12
N.Y. suacks they collect sales tax on everything no matter how many times it sells

Same here in Calif....
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Old 10-25-2006, 11:14 PM
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Default Re: Bought used boat.....Sales tax question

you should have to pay whatever MN's applicable sales tax is. It will be based on the purchase price on your bill of sale
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Old 10-26-2006, 04:29 AM
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Default Re: Bought used boat.....Sales tax question

did you trade anything in on it????? if so you may only have to pay tax on the difference. so if the total price was say 50k and you traded something worth 25k you only pay tax on 25k
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Old 10-26-2006, 11:10 AM
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Default Re: Bought used boat.....Sales tax question

NY is a bunch of crooks,,, pay 100K for a boat, pay 7.5K in taxes, sell it a year later to somebody in NY for 75K and the pay 5.6K in sales tax... They get you comming, going and everywhere in between..
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Old 10-26-2006, 12:02 PM
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Default Re: Bought used boat.....Sales tax question

In Texas you pay the sales tax when you register the boat (and trailer). Texas has no "income tax", so they have to get you in other ways.
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Old 10-26-2006, 12:52 PM
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Default Re: Bought used boat.....Sales tax question

In Ontario you pay the GST 6% and the PST 8% on a new or used boat bought from the dealer. You only pay the PST on a used private sale.
If you import say from the U.S. they screw you on both taxes whether the boat is new or used.
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Old 10-26-2006, 01:01 PM
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Default Re: Bought used boat.....Sales tax question

Another way around some of the tax is to right the bill of sale up as No Power. Pay only the value of the hull and trailer. It works well here in Ohio. Pay cash to the seller or dealer for the balance that way there is very little tracability.
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