I saw a thread posted about
taxes and thought I'd ask this question. I currently own a
boat with a friend titled in IL. I have since moved to NH, and my friend is looking to sell his half to my girlfriend (first mate). We will be moving the
boat to Boston MA. Does anyone have any info on tax implications? Given that we are moving the boat to a marina in MA and intend to keep it there for at least a year, I know we have to register it. My question is: what is the most advantageous way with respect to
taxes and
fees to sell the boat? Move it to MA and affect the
sale there so we can retitle at time of
registration? Or sell in IL, get the new title, and then move and register it. IL has a huge sales tax and I'm not sure how a half
ownership works; I assume it is like any other
sale. We're looking at the sale
price of around $15000 for her share. I'm a "by the book" kind of guy and want to do things right, but I also would like to make the best decision if there are two "right" ways to get the boat to MA and registered. I very much appreciate any input. Thanks!
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