If you buy a boat already registered or documented in CA, expect to inherit the prior owner's tax bill. If you bring from out of state you have some more flexibility in providing a bill of sale and paying taxes on that value.
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Used boat purchase Taxes (California)
- Thread starter aquaholic
- Start date
Reel 007
I Should Upgrade My Account
Let me clean that up a bit for you as I when through this, you will inherit the previous owner's tax assessment.
Years ago I bought a boat in Ventura county,it had twin 360 Chrysler and the engines were on pallets next to the boat, couple months later I received a tax bill from Ventura county based on the prior owner's tax history.
I called the tax assessor's office and explained that the boat was in poor condition and had no engine, they set up an appointment to do an assessment, woman turned up looked the boat over and told me she is going with the original assessment.
I argued that the boat had no engine and she should consider that, her retort was the engines will be repaired and reinstalled and the value of the boat will be as assessed or greater.
You win some you lose some, I lost.
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Well, it's been the same since I was a
Yacht Broker in Newport Beach 70's-80's.
They have data on 1000's of boats, so trying
to pull the wool on boat value and tax is
a crap shoot at best.
Your call.
Yacht Broker in Newport Beach 70's-80's.
They have data on 1000's of boats, so trying
to pull the wool on boat value and tax is
a crap shoot at best.
Your call.
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reelbadlarry
I Should Upgrade My Account
Can you just transfer ownership with no sale? Just one partner who was on title giving it to the other two?
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Long Beach Bob
Member
- May 13, 2004
- 973
- 1,378
- 76
- Name
- Bob Ballew
- Boat Name
- 2520 Parker with twin 200 Yamahas
...Also, remember, if you store your rig in a boat storage yard, they are required to provide the location info to the county assessor. That triggers a county tax bill and if you want to challenge it, you file an appeal and they send someone out to look at the boat (as things are torn apart during your annual prep for offshore runs)...appealing dropped my bill to a more reasonable assessment...
...The annual personal property tax is one of the biggest rip-offs in history....The only one worse is the annual tax bill for the sand under your boat if you rent a slip...
...When the youngsters admire my Parker and aspire to own one, my advise is,
"Pay xtra to be first in line on someone else's boat and you will save a small fortune"...Me?...I am buying up Joby Aviation stock so I can end up with a battery powered flying car that hopefully, has pontoons...
...The annual personal property tax is one of the biggest rip-offs in history....The only one worse is the annual tax bill for the sand under your boat if you rent a slip...
...When the youngsters admire my Parker and aspire to own one, my advise is,
"Pay xtra to be first in line on someone else's boat and you will save a small fortune"...Me?...I am buying up Joby Aviation stock so I can end up with a battery powered flying car that hopefully, has pontoons...
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CA taxes will catch up with you eventually. I bought a 29 Radon that was out in NC, documented vessel. Took CA 2 years to send me a tax bill on the purchase...then the lovely property taxes too every year. I doubt you'd be able to eliminate sales tax...hopefully it can be minimized by working with seller on the sales price on the bill of sale. Not sure what the cutoff for property taxes is but if it used to be under $10k you wouldn't get hit with property taxes.
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jigstrike
SCUBA Spearing Daddy
- Feb 28, 2004
- 1,430
- 626
- 53
- Name
- Tom McKinney
- Boat Name
- Pacific Option, a 2006 Tiara 3000 Open
That butter and cheese is free becasue red states suck at the teat too in the form of agriculture subsidies. Everyone on all sides of aisle has thier hand in your pocket. The only way to remove it is to put in someone else's pocket. But most Americans are brainwashed about taxing the rich and won't do it. The rich aren't going to stop trying to make money just because they have higher taxes. They will never stop trying to enrich themselves. When are people going to wake up and see the top is the enemy. Trump and Biden are both thieves
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Very simple, find a boat you want to buy that is owned by an LLC and you buy the LLC that includes the boat
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I just retired, moved out of state and of course took my boat with me. There is no ad valorem tax and registration is $25 here. My very low property tax goes away in two years when I hit the magic age. I took my California state retirement with me. Now who is bending who over? 
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baaadlybent
I Should Upgrade My Account
- Sep 5, 2006
- 1,231
- 598
- Name
- Doug
- Boat Name
- 26' Striper "Baaadly Bent", 21' Bayrunner Baja "Vamonos", 15' Gregor "Little Vamonos"
When I bought my Bayrunner from a friend I did the sale in three steps. I bought the trailer. Separate check. I bought the outboard. Separate check. I bought the hull. Separate check. Sales price reported was for the hull only. Worked for me. Now the assessed value has dropped enough that I don't get taxed on it. I think the lower limit is $3K or $4K. My reasoning is trailers and outboards get changed from time to time. Why include that with assessment of hull.
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Can you write off losses on one business with profits from another? I’m pretty sure my accountant said it wouldn’t pass the sniff test.
Robert
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Long Beach Bob
Member
- May 13, 2004
- 973
- 1,378
- 76
- Name
- Bob Ballew
- Boat Name
- 2520 Parker with twin 200 Yamahas
...Trump changed the tax laws to intermingle stock and real estate profits and losses to benefit the wealthy...gave a tax reduction carrot to the peons to keep them happy.
... Last i checked, you can only write off losses up to the total income of that business and not an unrelated business...in an audit on repeated losses, they will claim you have a hobby, not a valid business.
... Last i checked, you can only write off losses up to the total income of that business and not an unrelated business...in an audit on repeated losses, they will claim you have a hobby, not a valid business.
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Transfer ownership as a gift and list value as whatever you want. Write up a bill of sale on the side with the owner.
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Depending on source for retirement funds, CA will still try to get their taxes!!! They used to go after Federal retirees that moved to others states! CA's claim was that you earned it while in CA and that they were entitled to taxing it in retirement. It was finally knocked down as taxation without representation, as the retiree was no longer a resident, hence no CA representative in voting matters, and the source was from the Federal government and not a corpration within CA. CA still believes the money of rich people is theirs, after a rich person moves from CA and is still trying to tax their income, on a sliding scale, for up to ten years! This is even after the rich pay taxes in other state for their income and maybe no earnings in CA!I just retired, moved out of state and of course took my boat with me. There is no ad valorem tax and registration is $25 here. My very low property tax goes away in two years when I hit the magic age. I took my California state retirement with me. Now who is bending who over?
A guy I worked with lived in Yuma. He had to fill out a CA tax earnings because he earned most, if not all, in CA. He also had to do an AZ income tax form, but they at least gave him credit for the taxes he already paid to CA. Not sure CA reciprocated if the earnings and state of residence were reversed.
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