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Old 03-13-2019, 08:22 AM  
Veteran Member
City: NSB
Country: USA
Join Date: Jan 2019
Posts: 63
Trading boat 4 boat of equal value ARE TAXES DUE ?

Not sure about boats (and I cannot imagine it would be different), but when you purchase a car with trade-in you pay tax on the purchase price of the car before the trade is considered. The value of the trade-in is treated as currency toward the purchase.

Now, consider you trade your house for your neighbors house. Good luck convincing your local property appraiser/tax assessor that the value of the transaction was $0.
Mikala is offline   Reply With Quote