Is this seller legit? - SailNet Community

   Search Sailnet:

 forums  store  


Quick Menu
Forums           
Articles          
Galleries        
Boat Reviews  
Classifieds     
Search SailNet 
Boat Search (new)

Shop the
SailNet Store
Anchor Locker
Boatbuilding & Repair
Charts
Clothing
Electrical
Electronics
Engine
Hatches and Portlights
Interior And Galley
Maintenance
Marine Electronics
Navigation
Other Items
Plumbing and Pumps
Rigging
Safety
Sailing Hardware
Trailer & Watersports
Clearance Items

Advertise Here






Go Back   SailNet Community > On Board > Boat Review and Purchase Forum
 Not a Member? 


Reply
 
LinkBack Thread Tools
  #1  
Old 02-10-2008
Junior Member
 
Join Date: Jun 2007
Posts: 17
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
eggman2001 is on a distinguished road
Is this seller legit?

I'm in the process of buying a used boat from someone. However, he says that he wants me to pay in cash (rather than a bank check) and that it's so that he won't have to pay taxes on it. As far as I know, he doesn't buy and sell boats for a living, so I don't understand why he would have to pay taxes.

The other thing that raised my eyebrow is that the hull doesn't have a registration number printed on it. As far as I can recall, I've never seen a boat that doesn't have that (at least in New York state). I have been able to get the HIN at least.

Any advice?
Reply With Quote Share with Facebook
  #2  
Old 02-10-2008
AjariBonten's Avatar
Aquaholic
 
Join Date: Sep 2007
Location: Fingerlakes & Great Lakes New York
Posts: 1,139
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 8
AjariBonten is on a distinguished road
more info is needed; but it does seem at least a bit edgy.

make, model, age?

Some people are strange, and have strange or innacurate ideas about things like taxes, etc.

Some older boats do not have HIN numbers, right?

red flags, at least.

You are right to be asking these questions; and this is probably hte right place to be asking; though I'm not the best one to answer them .....;-)
__________________
I got an Old Fat Boat
She's Slow But Handsome
Hard In The Chine, but Soft In The Transom
I Love Her Well, And She Must Love Me
But I think It's Only For My Money
.
..... Gordon Bok
Reply With Quote Share with Facebook
  #3  
Old 02-10-2008
sanctuarysam's Avatar
purveyor of mischief
 
Join Date: Sep 2006
Location: in front of my computer, how 'bout you
Posts: 533
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 9
sanctuarysam will become famous soon enough
a few thoughts

w/o knowing all the facts (real or percieved)..consider a few points.
the boat may be documented, thus no numbers on the hull..they could be down below in a conspicuous place.
this guy may be going through a divorce, and trying to hide assets from spouse.
that additional amount of income might also affect child support or his income tax bracket.
these were the first things that came to mind..
or the guy may just be weird..or dishonest (as in make sure you see something resembling a title)
i'd rely on "gut check" to be the last filter..does this transaction make you feel warm and fuzzy..if not think about passing on it.
__________________
By three methods we may learn wisdom: first, by reflection, which is noblest,second is by imitation, which is easiest,third is by experience, which is the bitterest.






Sam
Sanctuary, Sabre 30 mkIII
Reply With Quote Share with Facebook
  #4  
Old 02-10-2008
bestfriend's Avatar
Hitchin' a ride
 
Join Date: Sep 2006
Location: In my mind, I live in Oslo
Posts: 3,191
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 11
bestfriend is a jewel in the rough bestfriend is a jewel in the rough bestfriend is a jewel in the rough
There should be some sort of track record you can check, either with the DMV or the USCG. Otherwise, buy at your own risk.
__________________
Great men always have too much sail up. - Christopher Buckley


Vaya con Dios
Reply With Quote Share with Facebook
  #5  
Old 02-10-2008
Junior Member
 
Join Date: Jun 2007
Posts: 17
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
eggman2001 is on a distinguished road
Quote:
Originally Posted by AjariBonten View Post
Some older boats do not have HIN numbers, right?
Correct, but this is a 1985 (HIN ends in 85) I believe and so it has an HIN.

Quote:
Originally Posted by sanctuarysam View Post
this guy may be going through a divorce, and trying to hide assets from spouse.
that additional amount of income might also affect child support or his income tax bracket.
these were the first things that came to mind..
or the guy may just be weird..or dishonest (as in make sure you see something resembling a title)
If he sells his boat, I don't think that's income. There's no way for the IRS to know about it...
Reply With Quote Share with Facebook
  #6  
Old 02-10-2008
Senior Member
 
Join Date: Nov 2007
Location: Alaska
Posts: 260
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 7
Danny33 is on a distinguished road
He may have used it as a second home and a write off ..and capital gains .
Divorce ....If its a gut feeling Id keep looking or flat out ask him ,whats up ?

Unless you have to have this boat ...You can always keep looking
Reply With Quote Share with Facebook
  #7  
Old 02-10-2008
pigslo's Avatar
Senior Member
 
Join Date: Nov 2004
Posts: 804
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 10
pigslo is on a distinguished road
Usually boats don't have a gain to be taxed as the usually depreciate.
pigslo
Reply With Quote Share with Facebook
  #8  
Old 02-10-2008
Member
 
Join Date: Sep 2006
Posts: 50
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 9
Aasem is on a distinguished road
The boat sale would not be taxable unless he made a profit.

Verify the HIN, it could be faked. My own HIN fell casualty to a gelcoat job by a previous owner -- the opposite can happen.

Anybody seeking to avoid bank records of the transaction is dishonest--and there's no way around that. He might not be cheating you, but he is definitely cheating someone. Don't be too quick to assume it's not you.
Reply With Quote Share with Facebook
  #9  
Old 02-10-2008
thesnort's Avatar
Senior Member
 
Join Date: Jun 2007
Posts: 282
Thanks: 0
Thanked 3 Times in 2 Posts
Rep Power: 8
thesnort is on a distinguished road
If it sounds suspicious, it probably is.
Reply With Quote Share with Facebook
  #10  
Old 02-10-2008
SailorMitch's Avatar
Senior Moment
 
Join Date: Nov 2005
Location: MD
Posts: 1,931
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 9
SailorMitch will become famous soon enough
I'm still not sure whether the boat has a Coast Guard documentation number or not. If so, use this link http://www.st.nmfs.noaa.gov/st1/Coas...selByName.html
to track the boat history down either by the doc. number or by the name. Otherwise, not sure how to track down the history based on HIN. Maybe someone else here can give you a lead on that?

BTW, it does sound to me like the guy is up to something. You haven't mentioned price, but banks track large cash transactions and report them to the feds.
__________________
SailorMitch
Sailing winged keels since 1989.
1.20.09 Bush's last day the end of an error !! Hopefully we still have a constitution and economy left by then.


"Compassion and tolerance are not a sign of weakness, but a sign of strength." The Dalai Lama


good planets are hard to find-- a song by steve forbert


I have but one lamp by which my feet are guided, and that is the lamp of experience. I know no way of judging the future but by the past.-- Patrick Henry.
Reply With Quote Share with Facebook
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

 
Posting Rules
You may post new threads
You may post replies
You may post attachments
You may edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Boat seller steers clear of slow sales (Florida Today) NewsReader News Feeds 0 03-11-2007 03:15 AM
broker VS. by owner ddilman General Discussion (sailing related) 17 08-18-2006 08:38 PM
BUCvalu sail1414 Boat Review and Purchase Forum 1 09-06-2004 06:28 AM
Buyer-seller etiquette? bmcald Boat Review and Purchase Forum 6 09-04-2002 01:43 AM
Boat purchase wannasail Boat Review and Purchase Forum 2 01-15-2002 03:11 AM


All times are GMT -4. The time now is 06:56 AM.

Add to My Yahoo!         
Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
SEO by vBSEO 3.6.1
(c) Marine.com LLC 2000-2012

The SailNet.com store is owned and operated by a company independent of the SailNet.com forum. You are now leaving the SailNet forum. Click OK to continue or Cancel to return to the SailNet forum.