Parent boat title transfer to child in Illinois
 

Looking for some light on this process. My parents want to transfer their boat title to me. From what I gather the Illinois DMV is wanting me to pay taxes on current market value of the vessel upon transfer. Is this truly the case?
Thanks for any input.

Check to see if there are gifting provisions in the tax they are assessing; if not then consider doing a bill of sale with your parents to set the FMV...... In our state we just fill out a form the parent and kid would sign attesting to the gift.

Might help
http://www.oflaherty-law.com/learn-a...s-gift-tax-law

Why not just buy it for $100.00? Not in running condition blah, blah, blah.

not sure on boats but i just went through this with a "gift" for my youngest kid with a car from his uncle....the state wants its taxes no matter what. With a car they will asses taxable value based on the age of the vehicle. if its over a certain age then its just a flat rate.
The only way i can see of possibly getting around this is to have them add you to the title as a co-owner..then in a year or so have them removed from the title so its just yours flat out....

IL doesn't care about non running anymore....they will tax based on what THEY deem its worth....for for newer stuff they tax it on a scale but after a certain age its a flat rate..... For cars anyway

Agree. We gift cars to our kids all the time. Always put $100 or less (as low as $1 sometimes) on the title as selling price. It never gets questioned as long as the parent/child relationship is valid.

I should of know that Illinois was one of these states that has chity 3rd world tax policies.

I got a letter 3 years after I registered a jet ski stating they thought it was worth more and I owed taxes.
It was on me to prove that is what I payed .. 3 years later I didn`t have much info left .
That`s Nazinois for ya!
Tax tax tax

Dan,

Kentucky has a personal property tax, based on unappraised market value. Which a large part of why the "Ohio Navy" is a thing. When my dad sold out of Ohio and moved to the house we now own, he declared official residence in Florida, where he had a small condo, where they spent short winters.

Sounds like it's time to "move" to Missouri. :ernaehrung004:

Thanks. Brad.

Thanks for all the help guys. Much appreciated.
To Dan and Wally, Illinois is funny like that. Had them come back at me wanting more $ two years after I registered my boat back in 2002.

Yep same here for a suburban i got in Aurora then crook county came at me for more taxes... luckily i still had the paper work on that one

Brad ,
I formed an LLC in Montana and Wyoming
No sales tax

:cool:

I may be in touch with you about that. IL blows.

Kentucky bases it off blue book value. They didn't even let me use the form to show I paid less for mine like they used to.