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View Poll Results: What percentage of your net worth does your boat represent?
0 - 25% 110 69.62%
25 - 50% 20 12.66%
50 - 75% 14 8.86%
75 - 100% 9 5.70%
100+% 5 3.16%
Voters: 158. You may not vote on this poll

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Old 10-05-2013, 21:14   #106
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Re: What percentage of your net worth does your boat represent?

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Originally Posted by nhschneider View Post
Since we are still considered residents of the County of San Diego, our boat is taxed at 1% of its value annually, even though the boat hasn't been there for almost three years.
Can this be correct? I thought that is the boat was located out of state, then you were subject to that state's taxation / registration laws. Why does California have a claim on your boat? When I lived in California I owned out-of-state real-estate and didn't have to Pay CA State property tax on it.

I am not a tax attorney. I could be wrong.
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Old 10-05-2013, 21:22   #107
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Re: What percentage of your net worth does your boat represent?

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Originally Posted by Paul Elliott View Post
Can this be correct? I thought that is the boat was located out of state, then you were subject to that state's taxation / registration laws. Why does California have a claim on your boat? When I lived in California I owned out-of-state real-estate and didn't have to Pay CA State property tax on it.

I am not a tax attorney. I could be wrong.
I like this thread and I'm reluctant to let it shift into a discussion on taxation, however, there are many people who complain about this. It's been a frequent topic of discussion in Latitude 38, whose publisher, Richard Spindler, is an ardent libertarian. I think I can hear him screaming about it right now and I'm 7,000 miles away!
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Old 10-05-2013, 22:59   #108
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Re: What percentage of your net worth does your boat represent?

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Originally Posted by zeehag View Post
rodl...the HAPPY cruisers i have met were those whose only asset was their boat and contents.
dont have to go back to anywhere nor report in to anyone..rodlmao.
Our boat represents around 50% of our assets. Yet we're happy! Actually just remembered the super funds - so the boat is less than half. Still happy!
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Old 10-05-2013, 23:23   #109
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I am unable to calculate the divisor, my assets, my accountants just shrugged, so I have used my beer and pizza budget instead: 13.5%
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Old 11-05-2013, 08:25   #110
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Re: What percentage of your net worth does your boat represent?

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Originally Posted by Paul Elliott View Post
Can this be correct? I thought that is the boat was located out of state, then you were subject to that state's taxation / registration laws. Why does California have a claim on your boat? When I lived in California I owned out-of-state real-estate and didn't have to Pay CA State property tax on it.

I am not a tax attorney. I could be wrong.
FWIW,

When we left Alameda county (California) in 1986, I notified the tax assesor of our departure and asked to be removed from the tax rolls. HE said that as long as the boat was registered in California I was still liable for taxation. HE then suggested re-registering in a state where there was no ad valorum (sp?) tax. Seemed a no-brainer, and we followed his advice. No problems have ever surfaced from this practice.

Cheers,

Jim
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Old 11-05-2013, 09:06   #111
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Re: What percentage of your net worth does your boat represent?

Considering my boat is owned by the bank....zero.
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Old 11-05-2013, 09:14   #112
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Re: What percentage of your net worth does your boat represent?

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Considering my boat is owned by the bank....zero.
Bad math (according to question posed by poll).

If your boat cost $50k (even if the bank holds title) and your net worth is $100k, the result would be $50l / $100k = 50%

Could only be 0% if boat was worth $0 ( or didn't have a boat?)

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Old 12-05-2013, 16:36   #113
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I spent almost everything on the boat, women and booze. The rest I just wasted.

If you cannot see the advantage of owning a boat vs. any other asset you are not a sailor ... CF aint "Condo Forum".
I've played music (didn't get rich), taught school (didn't get rich), married and had three children (didn't get rich). Looks like boat ownership and sailing is my next move...!
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Old 23-05-2013, 00:51   #114
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Our boat represents around 50% of our assets. Yet we're happy! Actually just remembered the super funds - so the boat is less than half. Still happy!
Our greatest asset, time.
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