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Old 10-11-2018, 01:45 PM
  #21  
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My thought about going in on purchase with family and close friends is only do it if the amount is of marginal financial consequence to the both of you. This dollar amount is different for everyone. For me, sure I'd go halfsies and split a used Jon boat with my brother/ Each of us throw in $1 or 2k and who ever wants to go fishing that weekend just take the boat. If it gets crashed into some rocks and splits in two, oh well who cares it was fun while it lasted.

For people of more means than me, they might have the same feelings about a $100k boat, but for me that would be a big hit if I were to somehow lose $50k or be on the hook for significant repairs due to the actions of someone else. I wouldn't want to risk a relationship over something like that.
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Old 10-11-2018, 08:09 PM
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I have 2 boats solely in my name. One is owned by me and 2 lifelong buddies. The other is owned by me and 1 lifelong buddy. We split all expenses equally, from oil changes to repowers. You better have a good relationship with your brother and feel confident that he's financially willing and able to participate 50/50, if that's your expectation. What happens when he's at home, you are out on it and the motor blows? Money can and will separate friends, family really fast. Have a lot of discussion prior to the deal about expectations, responsibilities etc would be my advice.
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Old 10-11-2018, 08:18 PM
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Just release your interest in the vessel, you're done. Then get the boat you want!
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Old 10-11-2018, 08:33 PM
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I went into a boat partnership with my best friend. There must have been 100 posts telling me to not do it but I said they were all wrong. My friend and myself have fished together for 30+ year so how could there be any problem being boat partners....I said. We used to take at least 1 fishing trip and usually 2 trips a year, shared hotel room, never had a disagreement.

Well lets just say that we are no long best friends, actually we hardly ever talk......what a f'in waste and if I had to do it over again I would NEVER go into boat partnership.
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Old 10-11-2018, 10:32 PM
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Well, you got 2 guys and a truck, why not 2 bros and a boat
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Old 10-12-2018, 04:30 AM
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What state are you in? I thought most states only charge sales tax on the initial purchase. And the only time you pay sales tax on a used boat is if you are buying it from a dealer. We donít have sales tax on private transactions on used boats here in GA, and I thought it was this way in all our neighboring states.

Then again we also donít title our boats, so maybe thatís why we donít ever see the tax here, I guess they can get you on ad valorem tax when title is transferred with the state?

Last edited by FisherforHim; 10-12-2018 at 04:37 AM.
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Old 10-13-2018, 03:21 PM
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Financially either of us could buy the other out easy. We have a very unselffish relationship. And neither of us is weird about money.

Just looking for the smartest way to own knowing one of us will end up with the boat in a year or two.

i'll let you guys know what i find out

Last edited by FishHarder; 10-13-2018 at 03:29 PM.
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Old 10-13-2018, 04:04 PM
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Originally Posted by jdiddy101 View Post
My boat is in corporate name never had a problem with insurance. Since it is Florida you pay tax on the hull not the motors so maybe one pay for the motors and goes on the title as lean holder. But pretty sure you can sell for $ or gift it and it won't effect insurance value. Never had an insurance company ask how much I paid for the boat they go off book value for replacement. Had to show receipts for updated electronics to increase that coverage though.
We purchased a boat from family quite reduced from blue book value. Insurance we used would not insure for more than paid. I get how they reason that. Today since we have had boat ins. for years that might not be so, not sure.

I can see how if a boat is insured for substantially more than paid making profit could be as easy as letting it sink at the dock. Not that anyone would do that.
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Old 10-13-2018, 04:08 PM
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Originally Posted by FishHarder View Post
Financially either of us could buy the other out easy. We have a very unselffish relationship. And neither of us is weird about money.

Just looking for the smartest way to own knowing one of us will end up with the boat in a year or two.

i'll let you guys know what i find out
I think with vehicles you can put both names on the title. Either can be removed without additional tax. Perhaps a boat could be the same.
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Old 10-16-2018, 01:15 PM
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Spoke to the DMV ...and they said you can put "Brother 1 OR Brother 2" they key being OR....not and

thanks guys I think I have my answer
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Old 10-16-2018, 01:38 PM
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Originally Posted by Papafish View Post
FL is cake to do, gift or even trade. I trade for everything the DMV knows about.
Yep, gift it. No tax.
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Old 10-25-2018, 06:28 AM
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Originally Posted by williamwallus View Post
Yep, gift it. No tax.
A gift that exceeds the IRS maximum on annual gifts which is approx 14,000 would not take kindly to a gift of 100K plus... it would count against your life time exemption. that would allow parents to buy a house for their child, give them the house and avoid estate taxes on that amount... There are limitations on gifts

Last edited by FishHarder; 11-13-2018 at 06:50 AM.
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Old 10-25-2018, 08:43 PM
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Originally Posted by FishHarder View Post
A gift that exceeds the IRS maximum on annual gifts which is approx 14,000 would not take kindly to a gift of 100K plus... it would count against your life time exemption. that would allow parents could buy a house for their child, give them the house and avoid estate taxes on that amount... There are limitations on gifts
Lifetime exemption is 5.6 million from one person. So unless his brother is going to be gifting him 5.5 mil over the rest of his lifetime or as inheritance when he dies, it wonít make any difference.
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Old 10-25-2018, 08:53 PM
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Make sure you are both financially stable and have similar income/assets. If one of you is significantly better off it can cause serious problems. It can and does work but it can also ruin relationships, only you two know if it will work. If you have ANY hesitation, then I would take a hard pass.
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Old 11-13-2018, 06:49 AM
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Originally Posted by FisherforHim View Post

Lifetime exemption is 5.6 million from one person. So unless his brother is going to be gifting him 5.5 mil over the rest of his lifetime or as inheritance when he dies, it wonít make any difference.
I guess he could gift over $14000 worth of boat per year..but who wants to jump thru those hoops.... and who knows what will happen if Democrats get into power.. estate exemption back down to 1 million? And he's 60..could live 30 more years....present value of 1 million is less the 250K
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