not that i would list anything but what i really paid for the boat.. however if one was to list on the dmv form the sale price as lower than what was actually paid would that effect anything such as insurance etc? have the bill of sale with no amount; paid cash. just wondering?
As far as I know, only the state looks at the Bill of Sale as they want to collect taxes. If you put a lower amount than you paid, you pay less taxes. You have also committed fraud and could be subject to prosecution. Is it worth it?
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"When in command, command." -- Admiral Nimitz
Difference between a power boater and a sailor out on the water: A power boater is going some place special, a sailor is already there.
and no intelligent insurance underwriter will insure a boat for more than it's value you just devalued by lowering the actual price.
It's illegal, wrong,a bad economic move and a bad insurance risk.
and no intelligent insurance underwriter will insure a boat for more than it's value you just devalued by lowering the actual price.
It's illegal, wrong,a bad economic move and a bad insurance risk.
i disagree on the ins thing, you can get ins on the value of the boat based on the survey even if you buy or say you bought the boat for a buck. heck most times you can get stated value ins for almost any value as long as the ins company agrees even with out a survey ( just be less than book price and the right ins company). you could insure a 5 k boat for 10 k replacement just due to upgrades in electronics.
If the sales price is materially different from the book value, some states require a signed affidavit from the seller that the registered price is accurate and the seller assumes responsibility for any fraud. That usually kills the idea.
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