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Old 03-13-2019, 06:22 PM  
Gmarr
Senior Member
 
City: Chicago/Montrose Harbor
Country: United States
Vessel Name: Sea Jay
Vessel Model: Non Trawler ;-) Ask me if it matters LOL
Join Date: Jun 2016
Posts: 410
Quote:
Originally Posted by Mikala View Post
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.


However- your trade in has value and someone will have to pay for that when they re-register it. The state will then “be whole”
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