Cruisers Forum
 


Reply
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 11-01-2023, 11:37   #1
Registered User

Join Date: Jan 2023
Posts: 1
Purchasing a vessel in Mexico

What are the tax implications of buying a US registered boat in Mexico?
Shadylady760 is offline   Reply With Quote
Old 11-01-2023, 13:26   #2
Registered User
 
Drunkonwatch's Avatar

Join Date: Jan 2023
Location: Hopefully not in jail
Boat: Seeking motor sailer this fall west coast N America
Posts: 180
Re: Purchasing a vessel in Mexico

For IRS?
Drunkonwatch is offline   Reply With Quote
Old 11-01-2023, 14:48   #3
Registered User

Join Date: Jan 2008
Location: SF Bay Area (Boat Sold)
Boat: Former owner of a Valiant V40
Posts: 1,143
Re: Purchasing a vessel in Mexico

Buying a US boat in Mexico can be either easy or difficult, likely both!

You will owe no taxes until you return the boat to the US. Then the taxes (usually "use" tax) depend on the state and locality where you site the boat. There are no Federal taxes involved, just the slight cost of documenting the boat with the coasties (assuming it is a documented vessel).

Regarding buying the boat. Purchasing a US boat in Mexico is actually illegal, so legally the boat needs to change hands while in international waters, just like taking an offshore delivery in the US. Few purchasers go this route and most brokers have work-arounds. One sticking point may be the TIP. If the current owner has a valid (and unexpired) TIP, it must be cancelled and a new TIP (in your name) obtained. Again, a good broker may be able to facilitate this. If the current owner is unavailable or the current TIP is expired, the process can be long and involved, with unbelievable bureaucracies to contend with. If buying directly from the owner, you might be well advised to use a local (in Mexico) documentation agent.

Also, depending where in Mexico the boat is, it can be easier than other locations. For example, a boat in Ensenada where it is easy to go "offshore" and all the necessary offices are co-located, it can be quite easy. San Carlos is a long way from "offshore" so more work-arounds may come into play.
jamhass is offline   Reply With Quote
Old 11-01-2023, 14:55   #4
Registered User
 
Drunkonwatch's Avatar

Join Date: Jan 2023
Location: Hopefully not in jail
Boat: Seeking motor sailer this fall west coast N America
Posts: 180
Re: Purchasing a vessel in Mexico

use San Diego broker get another tpi in new owners name, fill the blender!
Drunkonwatch is offline   Reply With Quote
Reply

Tags
Mexico, purchasing

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Canadian purchasing a Vessel Abroad? Onward Bound Liveaboard's Forum 0 16-01-2021 04:31
Purchasing a vessel protocol CaryG Boat Ownership & Making a Living 11 12-01-2021 12:15
Purchasing vessel in DR msdj69 Dollars & Cents 7 19-03-2018 06:10
Purchasing Vessel in Europe jacks88 Boat Ownership & Making a Living 9 12-06-2016 06:38
Costs Associated With Purchasing a Foreign Flagged Vessel enjaku General Sailing Forum 15 01-09-2015 15:38

Advertise Here


All times are GMT -7. The time now is 10:35.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.