Paying tax on my boat

[TobyDexter]

So if you buy a used boat for say $20000 and it has $4000 in extras what would you pay taxes on? Would you declare the purchase price for the boat at 20000$ ? Or would you guys declare the value of the boat at 16000$ and separate the extras ? Not trying to sound totally stupid here but do you have to pay 12 % on all of the bolt ons too? I just got my tax bill for my boat and I want to pay as little as possible and not get red flagged. What did you guys do? Thanks

 

[bigbruce]

From a purely legal standpoint, you pay $20 grand for the boat with whatever it has on it and you pay the taxes on that. Says so in the regulations. You want to declare less - go ahead - just make sure you have a bill of sale that says you paid less than $20 grand.

 

[TobyDexter]

Ok fair enough. Thanks for answering. I'm not trying to declare less on purpose but wasn't sure about tax on the extras.

 

[Hookin'up]

yep you pay tax on the package, or whatever your reciept from seller says
if you can get the seller to right separate reciepts for boat and accessories then you only submit boat reciept

 

[ziggy]

yep you pay tax on the package, or whatever your reciept from seller says
if you can get the seller to right separate reciepts for boat and accessories then you only submit boat reciept

I think they closed that loop hole. Seems to me the tax form I got in December asked for boat,motor and equipment prices.

 

[AlK]

If the purchase includes a boat and a trailer, make sure you get at least 2 bills of sale, one for the boat and the other for the trailer.