Title transfer information requested

[gus-gus]

I acquired a Boston Whaler and am now ready to do the deed of title transfer and wonder about how the state department of licensing (DOL) assesses the value for taxes. I traded a paid off and licensed trailer for this paid off and licensed boat. No money was exchanged.

So how is the value of either traded item, determined in a state ownership transfer? NADA? Kelly or is there a state held system?

 

[smokeonthewater]

Re: Title transfer information requested

Well I don't have experience in washington state but in many states you are better to state a sale price and trade credit.... IE I bought this for $500 and got $499 trade in. OFTEN that leaves you paying taxes on $1.... otherwise many folks just state that they bought it for a low amount and pay the tax on that.... In many states, if you say you traded for it OR it was a gift they will asses a value (as you suspected) such as nada.

 

[Texasmark]

Re: Title transfer information requested

Texas asks (on the transfer) for you to declare the differential value for tax purposes and you sign a non-pergury statement. Once submitted, if the clerk thinks something's fishy, they will do their own determining. Don't know what they use for reference as I never had one rejected.

Mark

 

[Bondo]

Re: Title transfer information requested

Ayuh,.. Here in the tax, 'n spend state of New York,...
You can claim whatever value you want,...
If the gal at the DMV thinks it's to low, they look in their book, 'n assign whatever value they wanta Tax you at....

 

[Z33Fan]

Re: Title transfer information requested

WA DOL uses a private, 3rd party valuation for boats. Your title transfer fees will be for two things; one, the sales tax (in your case, $0), and then a "use tax" which is based on the 3rd party valuation.

The DOL website is very specific about this; look here: http://www.dol.wa.gov/vehicleregistration/usetax.html

Good luck, and enjoy the Puget Sound!

 

[gus-gus]

Re: Title transfer information requested

Thank you all so very much. I will look closer at these forms. But work has decided my time belongs to them right now. SO, I will update when I have some time off.

 

[Richardsix]

Re: Title transfer information requested

sorry, being a bit thick, I have read alot on this forum about "transfer" are you telling me that if you sell something, such as a boat or a car second hand you have to pay duty (tax) on the sale?
This does not happen in the U.K. You buy something new, tax paid, sell it on, it is yours to do what you want with.
Have I got this totally wrong?

 

[gus-gus]

Re: Title transfer information requested

sorry, being a bit thick, I have read alot on this forum about "transfer" are you telling me that if you sell something, such as a boat or a car second hand you have to pay duty (tax) on the sale?
This does not happen in the U.K. You buy something new, tax paid, sell it on, it is yours to do what you want with.
Have I got this totally wrong?

You are correct, Washington State is tax happy. Charging for sales even when no funds were exchanged. Charging two taxes as if they are 2 different taxes, sales and use are different how? I am as disappointed as you are shocked. It becomes a situation where the people begin to lose respect for their country, their cities and their neighbors, because everything cost them and they receive little to absolutely nothing for their taxes. A taxation without representation historical repeat, I believe.