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boat trade in
#10906752
06/10/15 12:50 AM
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Joined: Jun 2013
Posts: 379
captain-kilroy
OP
Angler
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OP
Angler
Joined: Jun 2013
Posts: 379 |
Has anyone ever traded a vehicle in on a new boat? Was wondering if any dealers do that?
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Re: boat trade in
[Re: captain-kilroy]
#10906802
06/10/15 01:03 AM
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Joined: Apr 2012
Posts: 3,274
03svtsnakevert
TFF Team Angler
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TFF Team Angler
Joined: Apr 2012
Posts: 3,274 |
Yes, they will as long as they can get someone from a dealership to bid on it
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Re: boat trade in
[Re: captain-kilroy]
#10906895
06/10/15 01:41 AM
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Joined: Jun 2013
Posts: 379
captain-kilroy
OP
Angler
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OP
Angler
Joined: Jun 2013
Posts: 379 |
I have a nice extra vehicle and was wanting to trade it and my current boat in. Just didn't know how crazy it sounded
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Re: boat trade in
[Re: captain-kilroy]
#10906914
06/10/15 01:48 AM
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Joined: May 2013
Posts: 954
JoeFriday
Pro Angler
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Pro Angler
Joined: May 2013
Posts: 954 |
One thing to be aware of is that you will pay sales tax on the full purchase price of the boat if you trade in anything other than an other boat. I went around and around on a non boat trade with TPWD and even talked to someone in the State Comptroller's office. My view was I was being double taxed, but the state did not share the same view. TPWD gets to make their own rules.
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Re: boat trade in
[Re: captain-kilroy]
#10906920
06/10/15 01:51 AM
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Joined: Mar 2009
Posts: 929
TOMCAT21
Pro Angler
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Pro Angler
Joined: Mar 2009
Posts: 929 |
Take it to Car Max first to get a price check on the vehicle. Sold two vehicles there and it was relatively painless.
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Re: boat trade in
[Re: captain-kilroy]
#10907040
06/10/15 02:34 AM
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Joined: Jun 2013
Posts: 379
captain-kilroy
OP
Angler
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OP
Angler
Joined: Jun 2013
Posts: 379 |
would the tax deal be the same if you traded in a boat and a vehicle on a boat?
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Re: boat trade in
[Re: captain-kilroy]
#10907079
06/10/15 02:44 AM
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Joined: Apr 2010
Posts: 26,052
patriot07
TFF Guru
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TFF Guru
Joined: Apr 2010
Posts: 26,052 |
I believe you lose the tax savings that makes trading normally advantageous, like JoeFriday said. You'd be much better off selling it yourself.
Life can only be understood backwards; but it must be lived forwards. - Soren Kierkegaard
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Re: boat trade in
[Re: captain-kilroy]
#10907303
06/10/15 04:01 AM
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Joined: May 2013
Posts: 954
JoeFriday
Pro Angler
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Pro Angler
Joined: May 2013
Posts: 954 |
would the tax deal be the same if you traded in a boat and a vehicle on a boat? Yes. You would only get credit for the boat portion of the trade. If you look at the TPWD forms, there is trade responses only reflect it being a boat in trade. It's not an oversight. As mentioned, TPWD makes their own rules. They don't want to recognize anything other than another boat reducing the taxes paid. I learned the lesson the hard way. I traded a motorcycle for a boat with an individual. Sent the paperwork in as an even trade thinking all was well only to learn what I have shared here. Both were titled assets and had to have tax paid when they were purchased. Even though it was an even trade and no money exchanged hands, TPWD said tough, pay the sales tax. Lesson learned.
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