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how to trade boat for boat?

Old 08-07-2020, 08:33 AM
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Default how to trade boat for boat?

is it as simple as just exchanging titles or am I missing something?
Old 08-07-2020, 08:44 AM
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Almost. He sells his to you for 100.00 - he buys yours for 100.00. Input that info on the titles, sign and switch. Take yours to the DMV, they will charge you for the registration and tax on the 100.00 - New title, new reg. Go boating.
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Old 08-09-2020, 04:09 AM
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Is it that simple?
Old 08-09-2020, 04:40 AM
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yes it is
Old 08-09-2020, 05:02 AM
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this is THT , you need 3 - 4 lawyers write 10 contracts , have 2 surveys on each boat hull and motors , you also need a world wide security check and a character reference witnessed by 3 third parties .

when you receive the boat , a full mechanical inspection and any issues a small claims lawsuit for not getting a 100% accurate description and a full 15 year warranty on hull , trim and motor , now all this is necessary on a 2 k boat , if boat price is moree "well i just don't want to go there "" .
Old 08-09-2020, 08:11 AM
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Originally Posted by Hot Pockets View Post
Is it that simple?
I do not know about Pennsylvania/Jersey, but it's not that 'simple' in Florida. In Florida when you go to register the boat (and pay sales tax) they are going to red flag the $100 sale price (unless it's really a $100 boat) and they are going to tax you on the fair market value that they decide upon.
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JBS
Old 08-09-2020, 08:42 AM
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I have heard they are getting wise to folks not accurately reporting a realistic sales price to get around the taxes but when you trade in a car you only pay the tax on the increase in value so why not on a boat? I would think there are ways to accurate document a trade. Signed letter from both parties... Call your TC office and ask what they recomned.
Old 08-09-2020, 08:57 AM
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In Mass. it was possible to trade the boat through a broker handling the sale to you and for you. The tax owed was then based on the difference in price. The premise was that you had already paid the tax on the boat you were trading in, so only had to pay tax on the amount that you were paying on the new boat that was higher than what you had already paid. I don't think this was an available route for private sales though. I'm not sure if this is still possible.
Also, many states charge a tax through separate categories on the boat , motors and trailers. In such cases, a bill of sale should separate the total cost into these categories.

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