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#12607902 - 02/02/18 05:14 PM
Verification please
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Outdoorsman
Registered: 02/07/17
Posts: 179
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I'm looking at a bass boat right now... But I am waiting for mine to sell... I really don't want to wait so I'm thinking of the trade in method but want some clarification first... If I trade in, the boat dealer will pay my other boat off and I will have the leftover balance to pay off correct?? Say I trade in 13,000 towards a 20k boat. I have 7,000 left to pay on the new boat?
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#12607915 - 02/02/18 05:27 PM
Re: Verification please
[Re: ETXfisher91]
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TFF Team Angler
Registered: 11/21/08
Posts: 4877
Loc: somervell county
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Ya, it’s really that simple....assuming they are actually giving you your anticipated trade in of $13,000 PLUS your payoff on your used trade in boat. You will still owe taxes on the balance of the $7000 and the title and licensing fees.
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#12607924 - 02/02/18 05:35 PM
Re: Verification please
[Re: ETXfisher91]
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Outdoorsman
Registered: 02/07/17
Posts: 179
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Okay lol I thought so just seemed to simple. I appreciate it!!!
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#12607965 - 02/02/18 06:20 PM
Re: Verification please
[Re: ETXfisher91]
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Outdoorsman
Registered: 03/29/17
Posts: 30
Loc: Houston
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You will own sales tax on $20,000 not on $7,000.
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#12607982 - 02/02/18 06:43 PM
Re: Verification please
[Re: ETXfisher91]
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Extreme Angler
Registered: 06/16/11
Posts: 1499
Loc: Orange, Texas
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If your boat was paid off, it would be as simple as them subtracting the trade price from the selling price of the new boat. Example:
$20,000-sale price -$13,000-trade -------------- $7,000 difference + TTL.... -------------- $7,500 total drive out
But if you have a lien on your current boat it is not that simple....
If they give you $13,000 trade but you owe $10,000 for example, that is a $3000 down payment off the $20,000...
$20,000 price -$13,000 trade --------- $7,000 difference +$500 ttl --------- $7,500 total difference +$10,000 payoff balance (what ever your pay off is) --------- $17,500 total due (will vary depending on your po)
Edited by Ol Man River (02/02/18 06:59 PM)
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#12607983 - 02/02/18 06:46 PM
Re: Verification please
[Re: pchapin]
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Extreme Angler
Registered: 06/16/11
Posts: 1499
Loc: Orange, Texas
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You will own sales tax on $20,000 not on $7,000. You only pay taxes on the trade "difference"
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#12607999 - 02/02/18 07:02 PM
Re: Verification please
[Re: pchapin]
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Pro Angler
Registered: 01/22/12
Posts: 904
Loc: Haslet, TX
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You will own sales tax on $20,000 not on $7,000. Not true. You only pay races on the difference in trade in and new boat price. One of the advantages to trade in versus selling outright
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#12608001 - 02/02/18 07:02 PM
Re: Verification please
[Re: Clark3]
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Pro Angler
Registered: 01/22/12
Posts: 904
Loc: Haslet, TX
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You will own sales tax on $20,000 not on $7,000. Not true. You only pay taxes on the difference in trade in and new boat price. One of the advantages to trade in versus selling outright
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