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Old 10-03-2014, 19:35   #46
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Re: Florida Taxes

As an example , I once bought a boat in the Keys , $100,000 for boat included was 42 sets of dive gear , 90 scuba tanks, bunches of flippers and masks and a $24,000 compressor . We valued the boat at fifty thousand and the gear at fifty thousand . No sales tax on non-titled personal property . At what point did I become a crook ?
Did you ever notice that lots of commercial fish boats might price the frames and rigs and licenses separate from the boat . I wonder why .
When I was buying wrecker trucks I would buy the truck and pay the sales tax and then buy the wrecker body in a different state marked out of state delivery . All legal and an acceptable procedure .
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Old 10-03-2014, 21:02   #47
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Re: Florida Taxes

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Originally Posted by pistarckle View Post
As an example , I once bought a boat in the Keys , $100,000 for boat included was 42 sets of dive gear , 90 scuba tanks, bunches of flippers and masks and a $24,000 compressor . We valued the boat at fifty thousand and the gear at fifty thousand . No sales tax on non-titled personal property . At what point did I become a crook ?
Did you ever notice that lots of commercial fish boats might price the frames and rigs and licenses separate from the boat . I wonder why .
When I was buying wrecker trucks I would buy the truck and pay the sales tax and then buy the wrecker body in a different state marked out of state delivery . All legal and an acceptable procedure .
That's a little different than pretending the sails didn't come with the boat, and devaluing it accordingly, now isn't it?
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Old 10-03-2014, 21:27   #48
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Re: Florida Taxes

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Originally Posted by pistarckle View Post
As an example , I once bought a boat in the Keys , $100,000 for boat included was 42 sets of dive gear , 90 scuba tanks, bunches of flippers and masks and a $24,000 compressor . We valued the boat at fifty thousand and the gear at fifty thousand . No sales tax on non-titled personal property . At what point did I become a crook ?
Did you ever notice that lots of commercial fish boats might price the frames and rigs and licenses separate from the boat . I wonder why .
When I was buying wrecker trucks I would buy the truck and pay the sales tax and then buy the wrecker body in a different state marked out of state delivery . All legal and an acceptable procedure .
You're not if the law allows that and you are upfront with the sales tax people about it. In my prior life (CPA), it was common practice to breakdown the contract price on commercial real estate to achieve faster depreciation on some components. For example, if the price just said $1,000,000 for the building then you're depreciation was over say 31 years at that time. But if you said $900,000 was for the building and $100,000 for the elevators, then you would depreciate the elevators at a faster rate (per the allowable schedule at that time). The breakdowns had to make economic sense to the tax authorities, etc. but you could achieve an advantage by breaking down the sales price into components like you describe above.
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Old 11-03-2014, 06:30   #49
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Re: Florida Taxes

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What if the boat is home built and you payed no sales tax

Friend of mine just registered his homemade boat in Fl and paid no sales tax.


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Old 11-04-2014, 14:17   #50
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Re: Florida Taxes

I'd like to pick your brain about that topic a bit more...can I email you offline? Or please email me directly at lovelycruise@gmail.com, thanks.
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Old 11-04-2014, 14:29   #51
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Re: Florida Taxes

"Friend of mine just registered his homemade boat in Fl and paid no sales tax. "
Not surprising. If he BUILT the boat, he didn't BUY the boat.

So there was no sale of a boat, no sales tax due when there's no sale.

He paid sales tax on each piece as he bought it, right? (G)
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