WTF MD, luxory tax on boats of 35k or more
02-29-2012, 03:40 PM
#21
VIP Member
VIP Member
Unless I'm reading it wrong, these idiots want you to pay a tax if you sell your "luxury" item!!!!!!!
(2) FOR THE SALE OF A MOTOR VEHICLE, MOTORCYCLE, BOAT, OR PLANE: (I) EXCEPT AS PROVIDED IN ITEM (II) OF THIS ITEM, 1% OF THE AMOUNT BY WHICH THE TAXABLE PRICE OF THE ITEM EXCEEDS $35,000; (II) IF THE TAXABLE PRICE OF THE ITEM EXCEEDS $90,000, $550 PLUS 2% OF THE AMOUNT BY WHICH THE TAXABLE PRICE OF THE ITEM 32 EXCEEDS $90,000.
(2) FOR THE SALE OF A MOTOR VEHICLE, MOTORCYCLE, BOAT, OR PLANE: (I) EXCEPT AS PROVIDED IN ITEM (II) OF THIS ITEM, 1% OF THE AMOUNT BY WHICH THE TAXABLE PRICE OF THE ITEM EXCEEDS $35,000; (II) IF THE TAXABLE PRICE OF THE ITEM EXCEEDS $90,000, $550 PLUS 2% OF THE AMOUNT BY WHICH THE TAXABLE PRICE OF THE ITEM 32 EXCEEDS $90,000.
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Happily retired and living in Heavens waiting room.
Happily retired and living in Heavens waiting room.
02-29-2012, 08:47 PM
#22
Charter Member
Just registering a boat in DE and putting it in a slip in MD will eventually get you in trouble, however if you start a company in DE and the boat belongs to the company it is legal and nothing any pictures can do about it as the company is based in DE. This is what yacht registry does. Just see how many out of country boats are registered in DE.
You should read all the advantages of starting a LLC or general corp before passing along some Maryland story about officials taking photos of boats and writing fines. Smart people research before passing unfounded second hand BS.
You should read all the advantages of starting a LLC or general corp before passing along some Maryland story about officials taking photos of boats and writing fines. Smart people research before passing unfounded second hand BS.
"If your vessel is duly registered in another jurisdiction but remains in Maryland waters more than 90 days in a calendar year, you may be liable for vessel excise tax unless you can prove principal use in another jurisdiction. "
http://www.dnr.state.md.us/boating/registration/
This is why the DNR has officers that patrol marinas and look for out of state vessels (esp. Delaware) that are there more than 90 days. And they do take photos and they will be used against you so the state can collect their cash.
Smart people that live in MD and use their boat here pay the proper taxes
