Cruisers Forum
 


Join CruisersForum Today

Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on Cruisers Forums. Advertise Here
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 03-12-2018, 15:28   #1
Registered User

Join Date: Feb 2014
Location: Fort Myers Beach, FL USA
Boat: C&C Landfall 43
Posts: 43
Sales tax on sale of part ownership

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!
The Perfessor is offline   Reply With Quote
Reply

Tags
ownership, sale

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
Georgia sailors: is sales tax due on private boat sales w/ brokers? weazardofinance General Sailing Forum 1 31-07-2018 07:00
Sales tax and use tax Saaabb General Sailing Forum 20 29-10-2016 05:39
Confusion About 'Use Tax' and 'Sales Tax' thelasthour Dollars & Cents 31 28-02-2012 16:16
Sales Tax and Use Tax - What the...? jpemb7 Dollars & Cents 7 18-01-2010 22:04

Advertise Here


All times are GMT -7. The time now is 17:31.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.