How to fill out titles for boat and trailer?

[breakingcontact]

Hey y'all.

Say you sell a boat and trailer for $5000, what amount do you put on each title?

Thanks!

 

[Ingomike]

Hey y'all.

Say you sell a boat and trailer for $5000, what amount do you put on each title?

Thanks!

Designate a portion to each title.

 

[dak109]

$5000 on the trailer. Boat sank with all of my guns in it years ago.

 

[2in1evtime]

Just put 50 bucks on each as we are over taxed here in indiana

 

[Ingomike]

Just put 50 bucks on each as we are over taxed here in indiana

The risk is they may assign a book value if the suspect this occurred…

 

[Leo]

I sold a small fishing boat and made the receipt out for equal amounts on the trailer, the boat and the motor. The purchaser had no trouble.

For a bigger boat, I would look at the proportion of boat to trailer new price and use that ratio against the sale price.

 

[breakingcontact]

Thanks all.

 

[Leo]

The risk is they may assign a book value if the suspect this occurred…

I ran into this with a home made 4 X 8 foot open utility trailer. It used VW rabbit car wheels and had lights. The bed was scrap bed frames and fence posts. It could haul a rider mower or a few bags of mulch.

I must have done something wrong when I got a plate for it, because I later got sent an excise tax bill for a trailer worth almost $3 grand. I took a picture and went to the tax office. They adjusted it down. I think $250 was as low as their books went.

 

[frenchiectfd2203]

Hey y'all.

Say you sell a boat and trailer for $5000, what amount do you put on each title?

Thanks!

EASY,
THANK GOD

 

[eldirector]

My in-laws GAVE us their little Jon boat. Literally $0. Handed me the title/registration (it is registered motorized - has a trolling motor) and dropped the boat in my driveway. It is a 1960's Sears boat, and probably worth more as scrap aluminum.

BMV didn't like $0. Had to put down some minimum they would accept (don't remember the $), and my registration is $2 annually.

 

[Limpy88]

The risk is they may assign a book value if the suspect this occurred…

Everything is book value now. Bought 2 new vechiles since 2018 they were assigned book value. Not what I paid. All watercraft are taxed based off msrp when new. Doesn't matter what you put.

Watercraft Fees & Taxes

www.in.gov

*Watercraft values are the Manufacturers Suggested Retail Price (MSRP) when the watercraft was new

 

[jy951]

Everything is book value now. Bought 2 new vechiles since 2018 they were assigned book value. Not what I paid. All watercraft are taxed based off msrp when new. Doesn't matter what you put.

Watercraft Fees & Taxes

www.in.gov

*Watercraft values are the Manufacturers Suggested Retail Price (MSRP) when the watercraft was new

I'm going to disagree on this for a boat. You are taxed on the amount you put on the title or is on the bill or sale unless it's a rediculouse low amount. Then they may go with a book value or require an affidavit on price. I just titled/ registered a boat a few weeks ago and the sales tax was based on the amount on the title.

To clarify, there are 2 fees/taxes. Sales tax which is based on purchase price and required to title the item and a registration fee which is the license plate/registration fee that is may be based on a book value.

You can title an item without registering it, but not vice versa.

 

[Ingomike]

I bought a boat out of state and had the owner sign a POA specific for the boat purchase. Went in BMV and they said a signature was missing, went out to the truck, signed it went back in and got it done. Anyone ever do a POA? Particularly on an out of state purchase?

 

[jy951]

I bought a boat out of state and had the owner sign a POA specific for the boat purchase. Went in BMV and they said a signature was missing, went out to the truck, signed it went back in and got it done. Anyone ever do a POA? Particularly on an out of state purchase?

Poa- power of attorney? I've never needed that. But if you buy something from a state such as IL that doesn't have a purchase price spot on the title you will need a bill of sale stating the price so you can be charged sales tax. In indiana you don't need a bill of sale. However, if you are the seller its a good idea to have one signed in case you need to prove you sold the item. It might come in handy if you sell a vehicle and the purchaser never title or register it and crashes into something.

 

[Ingomike]

Poa- power of attorney? I've never needed that. But if you buy something from a state such as IL that doesn't have a purchase price spot on the title you will need a bill of sale stating the price so you can be charged sales tax. In indiana you don't need a bill of sale. However, if you are the seller its a good idea to have one signed in case you need to prove you sold the item. It might come in handy if you sell a vehicle and the purchaser never title or register it and crashes into something.

With out of state purchases most of us do not know everything the BMV may require so the POA allows you the purchaser to sign what is needed without tracking down the seller. Makes things easier.

 

[jy951]

With out of state purchases most of us do not know everything the BMV may require so the POA allows you the purchaser to sign what is needed without tracking down the seller. Makes things easier.

I never thought of that. Makes alot of sense.

 

[Ingomike]

I never thought of that. Makes alot of sense.

My guess is most of INGO would not, I probably would not either. BUT, I will take one. LOL

 

[HiRoller]

I recently had 2 "out of state" watercraft transfers at the BMV, it was a dismal experience from start to " not finished" Same old ignorance of the employees to know how to use the system, poor training, and general incompetence.

 

[manifest destiny]

I bought a boat out of state and had the owner sign a POA specific for the boat purchase. Went in BMV and they said a signature was missing, went out to the truck, signed it went back in and got it done. Anyone ever do a POA? Particularly on an out of state purchase?

Yes. Purchased cabin cruiser in Ohio. The seller recommended the POA. Easy peasy at the BMV. The trailer was a little trickier. Ohio didn't require a title for trailer. Indiana did. Once the BMV confirmed OH didn't title trailers they were cool with applying for IN title. As for titles in general, as a seller, I often leave the price blank. I usually get the same courtesy when buying from private seller. I know, I know....