Alabama allows gifting to a close relative, but it is limited and requires a document similar to a bill of sale identifying the vehicle, the parties, the relation stating a give, and signed by the owner.
Alabama allows gifting to a close relative, but it is limited and requires a document similar to a bill of sale identifying the vehicle, the parties, the relation stating a give, and signed by the owner.
In Ma if you gift a car or boat or trailer to anyone but a direct family member then they take the NADA Trade value and base sales tax off this number. They absolutely won’t allow a gift form for your situation OP but in my case, Ma blows.
Jay Faro
Bullet 21xdc/300xs
Just like a used car, you gotta pay tax on the agreed sale price.
Originally Posted by twofin
This...
Giving it to someone for the amount you owe on it is using the term gift very loosely.
In Texas, you pay sales tax on the boat and motor every time they change hands. 6.25% paid to Texas Parks and Wildlife. Trailer price must be listed separately and that tax is paid at the local County Tax office.
There may be exceptions for some transfers to your children, I have never had the opportunity to find out.
P01135809
MN you don’t pay sales tax on a used boat during a private party sale they only require you to pay sales tax on the trailer it comes on.
I don’t know what it is like in California but in Kansas there is no sales tax if done between immediate family members.
If bought from an individual, if dealer bought, there is sales tax.
Don't forget to let the state know that you no longer own the trailer either, even after I moved from CA to CO in 2006 they still tried to collect tax money from me for the car, truck, and boat trailer that were no longer registered or titled in their state even though I submitted the proper paperwork before I moved. So glad I moved out of there, sickening how much they tax EVERYTHING!
Jay,
How can they use NADA trade value to base sales tax? if you bought a roller, or a hull and trailer, or just a hull. the value would be much lower that anything on NADA.
I have bought and registered vehicles from in state and out of state in NYs, and as long as I have produced Form DTF-802, bill of sale notarized, and copy of certified bank check, they have charged taxes accordingly.
BTW, there is no such thing as gifting to anyone other than family members, and if you take a trade, you need to disclose that value. It seems that we have lost the initial concept of " a government run by the people" to " a people run by their government", which that brings us back full circle to 1773-1777.
Reply With Quote
