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Old 03-13-2019, 07:32 AM  
Senior Member
Bkay's Avatar
City: Reedville, VA
Country: United States
Vessel Model: Beals Island lobster boat
Join Date: Aug 2018
Posts: 165
This may turn into a tax avoidance/evasion debate...but here goes...

I recommend you call your state's department of taxation and ask questions. As I recall from Virginia, you have sold something when you exchange anything of value - that can be labor, a boat, cash, etc.

If you are changing boats, you will want to document it in writing so the PO doesn't come take your boat back. That written document can trip you up. If you sell an owners manual for $xx,000 dollars and a boat for $1 - that certainly sounds like a tax evasion situation. Particularly if the boat is common enough to be in one of the value guides the tax dudes use to assess value.

Your state may view it differently so I wouldn't trust advice from the internet (especially not my advice).
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