Brokers, Fee's, needs?

[Joe Pica]

If a dinghy is involved, make certain to have proof of ownership which varies from state to state. Some states title dinghies and outboards, some just register them. Also make certain HIN matches correctly for both the boat and dinghy. Also no errors if it is uscg documented. I seen errors made by the state and or registration authority. Get an abstract done to check for any outstanding liens.

 

[RonR]

If a dinghy is involved, make certain to have proof of ownership which varies from state to state. Some states title dinghies and outboards, some just register them. Also make certain HIN matches correctly for both the boat and dinghy. Also no errors if it is uscg documented. I seen errors made by the state and or registration authority. Get an abstract done to check for any outstanding liens.

Good point, the broker asked the same questions, yes it has a title, doc's match up! Listed today around noon, has its first showing today at 2.
I know its not an offer, but I am still excited that someone is interested.
Its a clean boat, ready to go, just need to find the right person that likes this style and make.

 

[Bryant]

Broker

So lets say I have a boat that worth between 25-35k. I found the next boat I want and a deal has been made pending I sell mine. What's the cost for a broker? Is one needed for a boat of 25-35k and the deal has been made for the new one? Are there tax advantages in Washington State for using a broker for the sell/buy? How do you pick a broker?

10% of the sales price.
Pick a broker with a high sales rate. The benefit is exposure, market and paperwork issues. As I Understand it, broker’s fees are deductible regarding capital gains taxes. Talk to a CPA regarding this.

 

[Seevee]

10% of the sales price.
Pick a broker with a high sales rate. The benefit is exposure, market and paperwork issues. As I Understand it, broker’s fees are deductible regarding capital gains taxes. Talk to a CPA regarding this.

Who is lucky enough to have a gain on a boat? However, most expenses can reduce the tax.

 

[menzies]

Good info, especially for Washington....


Any good info for Florida?


And, question for you experts, how is this done without a broker? I'm sure it's possible (done in real estate all the time).

Here you go. The trade in does not have to be a boat - it can be a car, motor home etc.

https://www.google.com/url?sa=t&sou...FjAEegQIAxAB&usg=AOvVaw28P8mJudkS83gddoXwhToP

 

[jgwinks]

For some reason I remember someone saying if I had X boat that was worth 25k and was buying Y boat that was 50k and used the same broker I would only pay tax on the difference so the broker fee would pay for itself? Could have had one to many drinks that night..

Nope. It would be two different transactions. Both you and the other buyer pay full tax on thier purchases. Even of it's a "trade in" like a car, you pay full tax on the purchase, the trade in is subtracted after that.

 

[RonR]

Well to wrap this all up... I was a little leery of hiring a broker to sell the boat at first. I have heard a lot of bad stories about deals going south due to poor communication skills of the brokers. But after talking to two I picked a local guy and am very happy. It sold much faster than I thought it would. The broker was professional, to the point, and took care of everything. Really I could not ask for a better experience.

 

[Comodave]

Well to wrap this all up... I was a little leery of hiring a broker to sell the boat at first. I have heard a lot of bad stories about deals going south due to poor communication skills of the brokers. But after talking to two I picked a local guy and am very happy. It sold much faster than I thought it would. The broker was professional, to the point, and took care of everything. Really I could not ask for a better experience.

3 boats ago we used a broker. My experience was exactly like yours. He actually sold it the next day and took care of everything.