11-04-2011, 05:40 PM
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#80
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Guru
City: San Diego
Vessel Name: Circuit Breaker
Vessel Model: 2021..22' Duffy Cuddy cabin
Join Date: Oct 2007
Posts: 6,691
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RE: I'm Losing My Desire for Boating....
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*In that case I envy you good luck my friend. May you find Peace and contenment. It has been a pleasure.
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__________________________________________________ ____
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I knew you were putting me on, so I went along with it. The quotation above, however, seems rather dark & final. I have peace & contentment which allows me to even entertain the thought of gifting the boat. Think about it for a minute. If I sell it for what I think its worth, the buyer will be strapped with a considerable tax bill, (depending on which state he or she is in) while a gift is a gift! (One of you tax attorneys can step in here at any time.)
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It's my understanding that, as a gift, the recipient has no tax liability. If the boat goes any distance, the freight bill will be bad enough which the recipient will pay. He has to have some skin in the game! Now, if I can find some deserving party down here, (San Diego) the problem is solved. So far, no one in this area measures up but I have not published my intent in this area either. As I have stated all along...I have no time table and I am carefully working my way through the matter.
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