Assuming you have no capital gains on your sale and haven't depreciated it as part of a business then you have no federal tax obligation on the monies received from the sale. For something like your state's sales tax or luxury tax then that is based upon the contract sales price at the time of registration (at least in Florida). There have been multiple litigation cases regarding dual taxation where you already paid sales tax on the 50K but lost in interpretation that the tax is on the purchased item not on the monies. In Florida they used to impose an "impact fee" when you moved from out of state and bringing a vehicle in but that was defeated in court and those fees were returned; without interest BTW.
Unless you trade it in at a dealer. Then it's the difference. That's if something hasn't changed since I last registered in Mass.
8.625% here in Suffolk county NY,
That was so messed up. If you owned a car and transferred the reg to Florida you had to pay a $375 Impact Fee. I remember getting it back at least.
I feel your pain. Some of my friends keep their boats in RI just for that reason. No sales tax on boats in RI but I just like the boating too much here to do that.
Cape Cod separates you from Boston and north.
That’s one the effed up parts so some spends 1 mil on a boat and pays 20k in tax while another guy buys 110k for a boat and pays 10k in tax. Doesn’t seem right. Along with the ny state collecting a sales tax every time the boat changes hand.
Same body of water but different states so different laws.
