Join Date: Apr 2006
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Re: Maryland Boat Sale Requirements
In most venues the tax man (and before the tax department sees it, the registration clerk) is going to look at your bill of sale and compare it to the NADA or other book value, if the boat has one. If your sale price is within maybe 20%, they won't question it. If your sale price is 80% below book...you may be told you're going to pay book and have to appeal it. If there's something radically different about your boat, like the PO installed red flocking on the salon and overhead and there's faded 60's paisley paint on the hull, you might want to snap some pictures to bring down with you, just in case.
If you're getting a big discount because there's no working engine, the rudder is bent, the sails are shredded, bulkheads rotten, deck spongy...note those on the bill of sale as well, that helps substantiate why your price is under book.