"Gifting a boat" to someone....... | TigerDroppings.com

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The Mick
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"Gifting a boat" to someone.......


Have any of you ever gifted a boat to someone? How do you structure the transaction so as to avoid taxes?






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Chad504boy
New Orleans Saints Fan
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Member since Feb 2005
79535 posts

re: "Gifting a boat" to someone.......


quote:

avoid taxes?
what taxes?






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BRgetthenet
Golf Board Smash Lab™ CEO
Member since Oct 2011
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re: "Gifting a boat" to someone.......


It is a bitch.

When my father gave me my Whaler, we put $1000 on the title transfer.

Act of donation is more paper work I think. It has been a while. Not sure.






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hogdaddy
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harvey
Member since Feb 2010
2885 posts

re: "Gifting a boat" to someone.......


Just write the Boat Trailer bill of sale for One Dollar. If I'm correct you only have to pay taxes on the Trailer.


This post was edited on 8/13 at 1:21 pm


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The Mick
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Member since Oct 2010
22046 posts

re: "Gifting a boat" to someone.......


quote:

Just write the Boat Trailer bill of sale for One Dollar. If I'm correct you only have to pay taxes on the Trailer.
Yea im good with the trailer/ DMV deal and will just put low value and pay a few bucks. More worried about the boat

(Fin - is there no taxes on a boat transfer?)






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Motorboat
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re: "Gifting a boat" to someone.......


an act of donation is not a big deal. You can pull one off the internet. I do not think you have to pay taxes on a gift transfer, but you may have to pay for registration fees.





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xenon16
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Metry Brah
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re: "Gifting a boat" to someone.......


I boat isn't registered with the DMV.

If it is a gift, there is no sales tax.

If it is less than $13,000 value (not the dollar amount on the sheet of paper) there is no gift tax. Although if it is more than $13,000, there are ways around it too. Specially if pops is married (the 13 doubles if community property and done properly).






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AlxTgr
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Kyre Banorg
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re: "Gifting a boat" to someone.......


My only question would be how the DMV sees the trailer transfer. There are no forms for this on the DWF site.





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The Mick
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Member since Oct 2010
22046 posts

re: "Gifting a boat" to someone.......


quote:

Although if it is more than $13,000, there are ways around it too.
This is what I need you to tell me. The value is over 13k but it is truly being gifted not sold.






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The Mick
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Member since Oct 2010
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re: "Gifting a boat" to someone.......


Alx - the DMV is for the trailer, the DWF is for the boat registration.





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Chad504boy
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re: "Gifting a boat" to someone.......


is the boat already registered in LA?





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AlxTgr
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Kyre Banorg
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re: "Gifting a boat" to someone.......


quote:

Alx - the DMV is for the trailer, the DWF is for the boat registration.
No shit, but the trailer is the only thing where value matters. Only thing subject to tax.






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Chad504boy
New Orleans Saints Fan
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re: "Gifting a boat" to someone.......


quote:

Only thing subject to tax.



does it matter if it's an out of state boat though?






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AlxTgr
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Kyre Banorg
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re: "Gifting a boat" to someone.......


Not if used.





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GreatLakesTiger24
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re: "Gifting a boat" to someone.......


Not trying to bring politics in this, but the taxes and paperwork on this kind of stuff is outrageous.





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xenon16
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re: "Gifting a boat" to someone.......


True gift:

One person may gift up to $13,000 of value or cash to any one person without having to file a Federal gift tax return in a calendar year.

If it is comm property, they can gift together $26k to one person. But if my mom and dad want to gift me and my wife cash/property, that's 4 people @ $13k = $52k.

If you exceed any of these, you could do a partial gift this year, then the remaining portion next year. Or if not splitting it up, the giver could file the gift tax return and use a portion of their lifetime limit for estate and gift taxes. The receiver is never responsible for gift taxes.

FYI: LA has no estate/gift tax anymore

Hope it helps, but let me know if you need more info



This post was edited on 8/13 at 2:23 pm


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Chad504boy
New Orleans Saints Fan
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Member since Feb 2005
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re: "Gifting a boat" to someone.......


quote:

xenon16


Why would you gift something to someone to avoid paying a tax you don't have to pay anyways?






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AlxTgr
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Kyre Banorg
Member since Oct 2003
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re: "Gifting a boat" to someone.......


People creating problems where none exist.





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DownshiftAndFloorIt
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re: "Gifting a boat" to someone.......


Don't forget to deal with the trailer...





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Motorboat
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re: "Gifting a boat" to someone.......


quote:

gift tax


I think you are confusing the OP with what kinds of taxes you're talking about. There is NO sales tax to be paid on a boat that was gifted you because there is no sale.

The $13K gift tax applies to income taxes. The donor can give $13K annually and deduct this income from his tax liability. Likewise, as i understand it, you can receive $13K as a gift from an individual and not pay taxes on this "income". someone correct me if I am off on the last point.



This post was edited on 8/13 at 2:36 pm


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