Buying and selling private

I’ll have the answer tomorrow….. meeting with my broker. He told me it will work I just wasn’t clear on his cut. In Ohio the state dictates his percentage somehow
 
Stee6043 said:
I agree with this sentiment but I also think it's garbage that the state gets their 6% every single time a car/boat is sold over it's entire lifetime.
Click to expand...
I absolutely 100% agree with this. With the only exception of your use of the word "their".
 
Pirate Lady said:
I have always bought and sold thru a broker/dealer. Let them deal with the tire kickers, cant get financing, or wanna dicker on price for a month. It’s worth the 10%.
Here’s my boat, here’s where to send the check. Done.
Click to expand...
I agree. I just listed mine in the classified here, but if I still have it in a month, it’s Going to the broker. Advantage for the buyer of selling without the broker is that 10% can go to the buyer.
 
Brokers in my region are largely terrible. I don't say that lightly or with hyperbole. It is just the way it is. They generally know absolutely nothing about the boats they are selling, and very little about boats in general. They are also often very slow to respond to buyers and uncooperative about showing the vessels. Commonly, out here both potential buyers and sellers are stunned at the lack of effort, knowledge, courtesy of brokers.

But at least the seller and buyer get to absorb 10% in commissions plus roughly another 7% in sales tax for the privilege of dealing with them.

I recognize some of you live in areas where brokers have value to offer. Unfortunately, it's not the case by me.
 
Sundancer….. I was sort of okay waiting until the end of the summer for my friend to sell…. I have it locked up…..it would Give me time to find a slip, sell mine….. a relaxing purchase. Then last weekend I found a slip…available now in a great location…wife approval.. then this morning a friend of a friend….. texts me and says…. Great deal…. Don’t make me broker….. so I was bombarded at work…. I said I need a break so went to Walmart to buy a dremel….. walk in and 5 gallon buckets of Rotella are on sale for $71….. my boat is ready for an oil change and samples…just needed oil….I’m thinking wtf this is a sign….. so bought the oil…..now the rush is on. Exactly what I didn’t want
Click to expand...

Sometimes a boat just falls on you and upsets your plans. I had that happen with mine. Was thinking about moving up from a 34 to a 37. A guy that liked my model and wanted to check one out contacted me and I gave him a tour. We worked out a deal and sold it in September.

We planned to take the winter/spring to find a 37 when one fell into our lap in October. It was pre-market and the owner's broker in SC called my broker in NY, and I had first refusal. I got a friend in SC to swing by the boat, got a thumbs up, and we were off and running.

The sales tax thing sucks. I wish you could get a break if you bought another boat, like you can do with a house sale. At least in NY they cap the amount of tax over $230,000. It's still a buttload of tax but it would have been way more, and its a one-and-done. The personal property tax states boggle my mind a bit. The local SC tax assessor tracked me down in NY to pay the annual tax for the time the boat was there before I took delivery.
 
Great lakes pirate said:
When you sell your boat in Michigan and then buy another one you are eligible to avoid the 6% state tax based on the amount you sold your boat for and what the new one cost. This only applies when you then buy another boat of greater value.

So if Billy Joe Sells his boat for $100,000 then buys his next boat for $200,000 he would only need to pay the State $6,000 on sales tax vs $12,000.

There are stipulations around eligibility. Not sure why you are accusing Blue of tax evasion.

Click to expand...
Gov. Whitmer needs the tax revenue to combat global warming and subsidize electric cars and boats.
 
We have done 3rd party deal w/ dealer to save on Ukraine / Big Guy 10% Taxes. Dealers are negotiable. Our cost for them to swing the paperwork was $1,800. They deducted our trade value and we paid only on balance.
 
Escapade said:
Hey Blue One- Hope this goes well for you. any news on the deal?
Click to expand...
It’s going well… I figured out the tax evasion ….. my boat listed on Saturday and was sold yesterday for asking …sight unseen….actually it didn’t even make it to the internet…. Broker knew a guy…. That was surprising. Almost done on the new one
 
Blueone said:
It’s going well… I figured out the tax evasion ….. my boat listed on Saturday and was sold yesterday for asking …sight unseen….actually it didn’t even make it to the internet…. Broker knew a guy…. That was surprising. Almost done on the new one
Click to expand...
It's tax avoidance, not tax evasion. One will send you to the poke.
 
Wow, fantastic on the sale of your vessel. Best pay them taxes now before Brandon spends more than whats left in the US check book.
 
You must log in or register to reply here.

Forum statistics

Threads
113,185
Messages
1,428,137
Members
61,094
Latest member
Linword
Back
Top