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post #1 of 6 Old 03-30-2010 Thread Starter
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bill of sale / sales tax

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?
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post #2 of 6 Old 03-30-2010
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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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post #3 of 6 Old 03-30-2010
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also most states want the bill of sale notarized
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post #4 of 6 Old 03-30-2010
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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.
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post #5 of 6 Old 03-30-2010
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Originally Posted by k1vsk View Post
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.
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post #6 of 6 Old 03-31-2010
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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.

See NY form here, which requires the seller to acknowledge the misdemeanor if they are committing fraud. http://www.nydmv.state.ny.us/forms/dtf802.pdf

Back in the day, this was commonplace. States are on to it.
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