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Hi. My last boat was a 2002 310DA and the cost for Aquamarine on the Swim platform was only around $700 so your quote sounds high.
Spoke to the broker in MD who handled sale. The taxes are paid in the "State of Use" so just NJ.
Thanks Kevin! I hope the use tax is 3.5% like the sales tax is on boats in NJ!
I'm not looking to avoid any taxes. I'm just confused. Is this one tax paid at registration or is the "use" tax a separate thing paid on top of...
That’s my next step.
Are u talking about sales tax which is paid when registering ir use tax?
From NJ Tax Code:
In addition to the exemption and cap, for uses on or after January 1, 2016, the law allows a grace period for certain boats or...
The boat is documented in NJ now.
Thanks! So did you have to pay a "use" tax?
Hello. I'm a NJ resident and purchased a boat last July in MD. It's a documented boat so I couldn't register it in NJ until the new CG...
Have you been paying AMT tax in the past? If so, that goes away which will save a significant amount.
I'm looking for the same thing!
If your itemized deductions are less than $24,000 (New Standard Deduction for married filing jointly), it won't matter.
If you used to pay AMT tax, that goes away with the new plan which should save thousands.