The good news is that you do not have to pay any sales tax back in NY. The bad news is that you have to pay USE TAX at the same rate as sales tax, paid when you bring the boat back and register it. Offhand, you may have up to 90 days to do that, I don't know the current
limit on time. But NYS can and will be relentless about collecting taxes
if you don't pay them on time, and quickly adding penalties.
One thing you can do to reduce taxes
, is to "split" the sale
of the boat. This can complicate things (i.e. insurance
value) but it is legal
. You buy the boat, let's say for $50,000. And, you have the new sails
, pots and pans...all removed from the boat (wtf, you'll want to clean anyway) and you purchase
those for $15,000 separately. The "personal property" is not subject to sales tax. You've just reduced your taxes, from 8% on $65,000 to 8% on $50,000.
If the sails
are old, the cushions
worn, the electronics
not worth much...obviously it can be a worthless difference. But it may be worth considering.
Don't expect a sea trial until AFTER a contract
is made and deposit paid.
And the painted mast
? Good and bad. It is about the only way to clean up an old mast
, because re-anodizing is damned expensive and inconvenient. (Try shipping
that mast around.) The paint
will last maybe ten years, and then you can either ignore it or re-do it. Or strip it and ship it out for re-anodizing.(G)
Sellers living on the boat may not be in any hurry to leave, and if they don't leave on time...that's like buying
an occupied house, what do you do then? Something to consider, and to ask about.
I've always argued that anything (boat, car, mail order bride, mansion) that isn't sold in 90 days is either: oddball, improperly marketed, or very overpriced.
There's this thing called the internet
. Someone is always looking for something, and unless it is terribly overpriced, 90 days is long enough to sell most anything.
I suspect there's a way to read the Yachtworld listing numbers, which might be issued chronologically, to get an idea of when a listing was first made. Maybe someone knows for sure about that.