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Jan 23rd, 2013
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Verification please #12607902
02/02/18 11:14 PM
02/02/18 11:14 PM
Joined: Feb 2017
Posts: 235
E
ETXfisher91 Offline OP
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ETXfisher91  Offline OP
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Joined: Feb 2017
Posts: 235
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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Re: Verification please [Re: ETXfisher91] #12607915
02/02/18 11:27 PM
02/02/18 11:27 PM
Joined: Nov 2008
Posts: 5,293
somervell county
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361V Online content
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361V  Online Content
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Posts: 5,293
somervell county
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.


Re: Verification please [Re: ETXfisher91] #12607924
02/02/18 11:35 PM
02/02/18 11:35 PM
Joined: Feb 2017
Posts: 235
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ETXfisher91 Offline OP
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ETXfisher91  Offline OP
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Joined: Feb 2017
Posts: 235
Okay lol I thought so just seemed to simple. I appreciate it!!!

Re: Verification please [Re: ETXfisher91] #12607965
02/03/18 12:20 AM
02/03/18 12:20 AM
Joined: Mar 2017
Posts: 56
Houston
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pchapin Offline
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pchapin  Offline
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Houston
You will own sales tax on $20,000 not on $7,000.

Re: Verification please [Re: ETXfisher91] #12607982
02/03/18 12:43 AM
02/03/18 12:43 AM
Joined: Jun 2011
Posts: 1,542
Texas Waters
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Woods & Water Offline
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Woods & Water  Offline
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Texas Waters
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)


Last edited by Ol Man River; 02/03/18 12:59 AM.
Re: Verification please [Re: pchapin] #12607983
02/03/18 12:46 AM
02/03/18 12:46 AM
Joined: Jun 2011
Posts: 1,542
Texas Waters
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Woods & Water Offline
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Texas Waters
Originally Posted By: pchapin
You will own sales tax on $20,000 not on $7,000.


You only pay taxes on the trade "difference"

Re: Verification please [Re: pchapin] #12607999
02/03/18 01:02 AM
02/03/18 01:02 AM
Joined: Jan 2012
Posts: 1,044
Haslet, TX
Clark3 Offline
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Clark3  Offline
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Joined: Jan 2012
Posts: 1,044
Haslet, TX
Originally Posted By: pchapin
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


Re: Verification please [Re: Clark3] #12608001
02/03/18 01:02 AM
02/03/18 01:02 AM
Joined: Jan 2012
Posts: 1,044
Haslet, TX
Clark3 Offline
Extreme Angler
Clark3  Offline
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Joined: Jan 2012
Posts: 1,044
Haslet, TX
Originally Posted By: Clark3
Originally Posted By: pchapin
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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