is this a BAD idea

[jeffruby]

buy a used boat for say 40 k.

get written reciept for 20k
give guy personal check for 20.

 

[Ididntdoit]

buy a used boat for say 40 k.

get written reciept for 20k
give guy personal check for 20.
reduce taxes

#1 bad idea - asking a question about tax evasion in writing on a public forum
#2 bad idea - you have a problem with the boat and need to take legal action against seller - how do you prove what you paid for it without incriminating yourself - the same may hold true in the event of an insurance claim

I'm sure there are more reasons, but in the scope of things is it really worth it to save a $1000 on a $40000 purchase?

 

[Cincy Aquaholic]

Thanks for making your thoughts of cheating US FELLOW TAX PAYERS public. Read the back of any title and see what the penalty is.

 

[Bucit]

#1 bad idea - asking a question about tax evasion in writing on a public forum
#2 bad idea - you have a problem with the boat and need to take legal action against seller - how do you prove what you paid for it without incriminating yourself - the same may hold true in the event of an insurance claim

I'm sure there are more reasons, but in the scope of things is it really worth it to save a $1000 on a $40000 purchase?

+1:thumbsup:

 

[OldSkool]

Usually when I read a thread titled like this the answer is YES.:smt021

 

[Redhook98]

The worst mistake you made was to put it in print on this site. People do stuff like this all the time, but it is not wise to tell/ask everyone.

In saying this, there is one other thing to consider. Often when you title a car or boat and the price shown for what you paid seems very very low, they will tax you on fair market value instead. I tried this very thing with a Mercedes I once owned. I paid $12k for it, but reported it at $6k. They taxed me at $15k. DOH!!!

Like someone else said earlier... Is it worth saving $1000 on a $40,000 purchase? If your worried about sales tax, get it documented instead.....

 

[Redhook98]

Usually when I read a thread titled like this the answer is YES.:smt021

:thumbsup: +1

 

[jeffruby]

Funny, just read this and realized how bad it sounds. Haha.

I just bought boat and did not do this, my buddy was arguing that I was an idiot.

Was telling him besides evasion, it would be impossible to insure boat for proper amount.

Was looking for other reasons. Legal action another.

 

[skibum]

Folks... Cut him some slack. He's in NY. They're gonna take more of his money than anyone should ever have to give up.

Why don't you just do what all of the tax cheating politicians do - buy it in Rhode Island?

Edit: One other thing. Try to get an insurance company to insure your $40K boat for $40K when your paperwork says you only paid $20K.

 

[Ididntdoit]

Not just politicians..............

 

[Ididntdoit]

Funny, just read this and realized how bad it sounds. Haha.

I just bought boat and did not do this, my buddy was arguing that I was an idiot.

Was telling him besides evasion, it would be impossible to insure boat for proper amount.

Was looking for other reasons. Legal action another.

Nice recovery....................Ya Ya thats the ticket