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Go Back   SailNet Community > Out There > Vessels Lost, Missing, or in Danger
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  #11  
Old 05-29-2014
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Re: 68 foot sailboat lost off of Cape May - 6 rescued

Quote:
Originally Posted by MarkofSeaLife View Post
Its a tax thing.

For example if the boat was sold in Florida it would encounter a state sales tax of 5% or whatever it is. 5% of $950,000 = $47,000 so its well worth it to drive the boat off shore 12 nms to close the deal.




Mark
PS Laws vary, tax rates vary, this was just generalisation
PPS if you bring a boat to Australia to sell you pay 15% of the value of the boat to the government BEFORE you are allowed to advertise it.
OK. Thanks. It sounds like they're forbidding anyone in the U.S. from buying it. If I want to pay the tax, that should be up to me, no?
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  #12  
Old 05-29-2014
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Re: 68 foot sailboat lost off of Cape May - 6 rescued

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Originally Posted by DRFerron View Post
If I want to pay the tax, that should be up to me, no?
With my very slight knowledge of American tax law history I can suggest Al Capone has already tried that idea.....



Yes, you are right for your individual tax implication. What about the sellers? Or brokers?

Mark
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Last edited by MarkofSeaLife; 05-29-2014 at 04:37 PM.
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  #13  
Old 05-29-2014
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Re: 68 foot sailboat lost off of Cape May - 6 rescued

Quote:
Originally Posted by MarkofSeaLife View Post
Its a tax thing.

For example if the boat was sold in Florida it would encounter a state sales tax of 5% or whatever it is. 5% of $950,000 = $47,000 so its well worth it to drive the boat off shore 12 nms to close the deal.




Mark
PS Laws vary, tax rates vary, this was just generalisation
PPS if you bring a boat to Australia to sell you pay 15% of the value of the boat to the government BEFORE you are allowed to advertise it.
Actually it means that the boat was never "sold" in Florida...and no sales tax was EVER paid. These are flags of convenience....you setup an offshore corporiation in Bikini, Marshal Islands, Virgin Islands...etc. Then the corporation owns the boat, making the payment of sales tax not necessary. And you can keep the boat in FLorida all you want.
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Old 05-29-2014
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Re: 68 foot sailboat lost off of Cape May - 6 rescued

Quote:
Can someone explain this to me, please?:

NOT FOR SALE TO US RESIDENTS WHILE YACHT IS IN US WATERS
If the yacht was foreign flagged, a sale to a resident of the US in US Territory would require the seller pay an import fee to US Customs. The buyer would be obligated to pay any sales/transfer/use tax to the state.
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  #15  
Old 06-01-2014
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Re: 68 foot sailboat lost off of Cape May - 6 rescued

On my last offshore last month at about the same location at one point the entire boat started to shake for a few seconds while under sail. We never figured out what happened. Could it have been that we were sailed over a whale?? 48 ft Hinckley. Interesting.
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Old 06-02-2014
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Re: 68 foot sailboat lost off of Cape May - 6 rescued

Cape May triangle?
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Old 06-12-2014
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Re: 68 foot sailboat lost off of Cape May - 6 rescued

I know it's a week old but just stumbled across this in the local paper.... Sailboat makes emergency stop in Lewes - By Ron MacArthur - CapeGazette.com - Covering Delaware's Cape Region - Inland Bays, Atlantic Ocean, Rehoboth Beach, Lewes, Milton, Dewey Beach, USA
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Old 06-12-2014
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Re: 68 foot sailboat lost off of Cape May - 6 rescued

Great news they have salvaged the boat... Well, great news for the salvor, anyway.
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