Parent boat title transfer to child in Illinois
07-10-2024 | 09:18 PM
#1
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From: North Barrington
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.
Thanks for any input.
07-10-2024 | 11:57 PM
#2
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From: Mansfield, TX
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.
07-11-2024 | 02:28 AM
#3
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From: Bradenton, Fl.
07-11-2024 | 08:58 AM
#5
Were doomed!
Joined: Oct 2000
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From: Chicago, IL
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....
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....
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-Wally
Money can't buy happiness, but it can buy horsepower. And I've never seen a sad person hauling a$$!
-Wally
Money can't buy happiness, but it can buy horsepower. And I've never seen a sad person hauling a$$!
07-11-2024 | 09:00 AM
#6
Were doomed!
Joined: Oct 2000
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From: Chicago, IL
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
__________________
-Wally
Money can't buy happiness, but it can buy horsepower. And I've never seen a sad person hauling a$$!
-Wally
Money can't buy happiness, but it can buy horsepower. And I've never seen a sad person hauling a$$!
07-11-2024 | 09:02 AM
#7
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From: IL...XLOTO
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.
07-11-2024 | 10:11 AM
#9
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From: Chicago
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
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
07-11-2024 | 11:42 AM
#10
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From: SW Ohio
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.
Thanks. Brad.
