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Old 10-12-2006, 11:08   #16
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"It can backfire, but rarely does." OK now, which state is still working in the 1950's? Because in the 70's and 80's, most of the US states were already smart enough to know that if the reported sale price was less than the book value (for any vehicle) the buyer and seller both were up for special attention. They'd look up the list price on the GPS, see it was only $400, and then charge tax fraud on the rest.

Which just begins with investigation into the reason for the sale price, or levying tax based on the book price. This is a good scheme--if you want every tax form you've ever filed to go in for a detailed audit.

AFAIK there's no limit as to how far back they can go when looking for tax frauds, either. Got your receipts for the past 20 years?<G>

I knew a CPA who once worked as a tax auditor. Once they get motivated...they have long memories, and finely honed knives. It's much safer to just rob a bank and not make Al Capone's mistake--of screwing with the tax man.
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Old 15-01-2007, 17:05   #17
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25000 for a GPS is certainly an aggressive strategy. But less aggressive stratagies can be employed with a significantly smaller red flag.
Buy the electronics for $1000 total. Buy the dink for $1000 and the dink motor for $2000. Etc, Etc.
Even the dishes and lines are not a 'boat'.
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Old 15-01-2007, 17:07   #18
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Originally Posted by ssullivan
There are actually states like this. I reside in one, officially (was even born there) and travel around with my boat. This really only works for a liveaboard that doesn't stay put. My state has no use tax, no income tax and no property tax on boats. They get the land owners BADLY, but hey... what do I care? I'm not a land owner.

So... there are literally no taxes due on my vessel. Just a state registration fee and federal documentation fees.
Sean
I know of no state that has all three...please enlighten us.
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Old 15-01-2007, 17:30   #19
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Sleuthing time?<G>
"Seven states have no state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income."

So we can start with nine states more or less.

"New Hampshire does not have an income tax on an individual’s W-2 reported wages or a general sales tax."

Ah, there's one with no sales tax, either, which means no use tax.

Which leaves only a registration fee. Of course, you'd need a residency address to use, and if you are in any other state for something between 30 and 90 days, you'd probably also need to re-register the "motor vehicle" in that state, in most cases. Which might trigger other problems.

But...if you have a NH address and you don't stay at the wrong docks for too long...there's one I hit right away, eight others to explore. Always wanted a reason to buy land in NH, I guess this one will work. Well...unless the Libertarian Party takes it over. (Honest, there's an organized real plan to have folks move in and take it over simply by voting. Apparently the population is small enough that this is dangerously close to possible, and the LP actually plans to do it.)

Sometimes the internet works!<G>
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Old 15-01-2007, 17:41   #20
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Sleuthing time?<G>
"Seven states have no state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income."

So we can start with nine states more or less.

"New Hampshire does not have an income tax on an individualís W-2 reported wages or a general sales tax."

Ah, there's one with no sales tax, either, which means no use tax.

Which leaves only a registration fee. Of course, you'd need a residency address to use, and if you are in any other state for something between 30 and 90 days, you'd probably also need to re-register the "motor vehicle" in that state, in most cases. Which might trigger other problems.

But...if you have a NH address and you don't stay at the wrong docks for too long...there's one I hit right away, eight others to explore. Always wanted a reason to buy land in NH, I guess this one will work. Well...unless the Libertarian Party takes it over. (Honest, there's an organized real plan to have folks move in and take it over simply by voting. Apparently the population is small enough that this is dangerously close to possible, and the LP actually plans to do it.)

Sometimes the internet works!<G>
New Hamphshire:
Personal Income Taxes
State income tax is limited to a 5% tax on dividends and interest income of more than $2,400 ($4,800 for joint filers). A $1,200 exemption is available for residents who are 65 years of age or older.
Retirement Income: Not taxed.


This is from RETIREMENT LIVING INFORMATION CENTER - Retirement Communities and senior lifestyle data
I plan on living off div & int so I'd get taxed by NH until I hit retirement age which I'm not sure how they class that.
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