"Gifting a boat" to someone....... | TigerDroppings.com
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The Mick
Towson Fan
Member since Oct 2010
25074 posts

"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?


Chad504boy
New Orleans Saints Fan
Five Oh Four
Member since Feb 2005
86480 posts
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re: "Gifting a boat" to someone.......
quote:

avoid taxes?
what taxes?


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BRgetthenet
LSU Fan
Golf Board Smash Lab™ CEO
Member since Oct 2011
69118 posts

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
LSU Fan
harvey
Member since Feb 2010
3534 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


The Mick
Towson Fan
Member since Oct 2010
25074 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?)


Motorboat
LSU Fan
At the camp
Member since Oct 2007
12252 posts

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
LSU Fan
Metry Brah
Member since Sep 2008
2862 posts

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).


AlxTgr
LSU Fan
Kyre Banorg
Member since Oct 2003
38538 posts

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.


The Mick
Towson Fan
Member since Oct 2010
25074 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
Towson Fan
Member since Oct 2010
25074 posts

re: "Gifting a boat" to someone.......
Alx - the DMV is for the trailer, the DWF is for the boat registration.


Chad504boy
New Orleans Saints Fan
Five Oh Four
Member since Feb 2005
86480 posts
Online

re: "Gifting a boat" to someone.......
is the boat already registered in LA?


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AlxTgr
LSU Fan
Kyre Banorg
Member since Oct 2003
38538 posts

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.


Chad504boy
New Orleans Saints Fan
Five Oh Four
Member since Feb 2005
86480 posts
Online

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

Only thing subject to tax.



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


AlxTgr
LSU Fan
Kyre Banorg
Member since Oct 2003
38538 posts

re: "Gifting a boat" to someone.......
Not if used.


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GreatLakesTiger24
SMU Fan
Member since May 2012
17336 posts
Online

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.


xenon16
LSU Fan
Metry Brah
Member since Sep 2008
2862 posts

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


Chad504boy
New Orleans Saints Fan
Five Oh Four
Member since Feb 2005
86480 posts
Online

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?


AlxTgr
LSU Fan
Kyre Banorg
Member since Oct 2003
38538 posts

re: "Gifting a boat" to someone.......
People creating problems where none exist.


DownshiftAndFloorIt
LSU Fan
The devil dreams on an idle horse
Member since Jan 2011
42212 posts
Online

re: "Gifting a boat" to someone.......
Don't forget to deal with the trailer...


Motorboat
LSU Fan
At the camp
Member since Oct 2007
12252 posts

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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