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slabberknocker

Tax on private sale?

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Hi

I recently bought a boat from a private party and as far as i know there is no tax on a private sale. Is that correct? I have someone telling me that there is sales tax and told him he is wrong. I have sold other things privately and have told people no tax. I have not heard from any of these people after the sale. Also this is in MN. Thanks

SLAB

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You will have to pay sales tax on the value of the trailer when you change the registration to your name. Make sure you use the value of the trailer only, not the boat, motor, accessories, etc. For smaller, older trailers --- if that's your situation wink.gif ---- I'd say the value is $100 and then you only pay $6.50 in tax.

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Thanks I bought a pontoon after selling my 2004 Alumacraft 175 Trophy. I feel like I am getting old. That is something I did not know about the trialer. The trailer is only about 3 years old. But I will take low book on it.

Slab

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You don't have to take LOW book on it. When you go in to transfer the title on the trailer just tell them it cost $100. They are not state employees and don't really give a rip about the monies coming in. They get paid a flat fee to tranfer titles.

A few years back I had a lady "help" me understand the value of a trailer. She saved me quite a few dollars.

Good Luck

Mike

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When I transferred my boat and trailer title, the woman asked what the value of the trailer was and I told her that it wasn't worth anything without the boat on it.

Just pick a low number and call it good.

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