NJ Sales and Use tax. Any accountants out there?

[JVM225]

Bennett and I both had this same question when we purchased boats out of state and moved them to GA. I researched and researched, finding different opionions all over the place. Even my broker was unsure.

In the end, I registered the boat, and a tax bill arrived within a few months. Problem solved for a mere 7%. I budgeted the taxes into the cost so I had the money but my a$$ is still sore.

That’s a relative bargain. Mine was 8.625%, and I had to pay it through the dealer at closing so I couldn’t even put it in my cash back credit card.

 

[marks737]

Ok guys. Here's the outcome. Registered boat at Motor Vehicles and only paid sales tax at 3.5% rate. Took 15min. Thanks for the discussion and input!

 

[KevinC]

Ok guys. Here's the outcome. Registered boat at Motor Vehicles and only paid sales tax at 3.5% rate. Took 15min. Thanks for the discussion and input!

I am sure it was not worth the stress and I am glad it worked out and that's a bargain compared to us in NYS with 8.625%. Guess it makes up for all the extra taxes on gas they added a couple years back. I miss the cheaper NJ gas prices.

-Kevin

 

[bmac]

NYS caps sales tax on a boat to the first $230,000. Once the new Democratic majority figures that out they will likely undue it and we will have a return to a drop in NYS boat registrations. As the editorial in Newsday said today, the new Democrats are “economically illiterate”. Quite a quote for such a liberal rag.

 

[KevinC]

NYS caps sales tax on a boat to the first $230,000. Once the new Democratic majority figures that out they will likely undue it and we will have a return to a drop in NYS boat registrations. As the editorial in Newsday said today, the new Democrats are “economically illiterate”. Quite a quote for such a liberal rag.

Yes, knowing NYS not only will they remove any cap they will add a significant luxury tax to make up for the announced 2.3B deficit for the last couple of months and then once again wonder why they took a hit in revenues when boat purchases get registered in RI or NJ.

-Kevin

 

[JVM225]

NYS caps sales tax on a boat to the first $230,000. Once the new Democratic majority figures that out they will likely undue it and we will have a return to a drop in NYS boat registrations. As the editorial in Newsday said today, the new Democrats are “economically illiterate”. Quite a quote for such a liberal rag.

Wouldn’t wrap fish scraps in that rag. Hard to believe they found anything from the Dems objectionable.
Hell must be freezing over.

 

[JVM225]

Wouldn’t wrap fish scraps in that rag. Hard to believe they found anything from the Dems objectionable.
Hell must be freezing over.

Delaware is looking better every day........

 

[JVM225]

Yes, knowing NYS not only will they remove any cap they will add a significant luxury tax to make up for the announced 2.3B deficit for the last couple of months and then once again wonder why they took a hit in revenues when boat purchases get registered in RI or NJ.

-Kevin

Got to be careful with out of state registrations. I’ve been told that the tax guys go to Marinas checking contracts for guys who do that.
The guy who told me that said the Marinas are afraid of the tax guys so they don’t tell them to go ........themselves.
That 2.3 billion drop in income tax for 2018 is only the beginning. There was a net population loss of 50k last year. 300k left, and 250k moved here.
I’m going to take a wild guess here and say there’s a good chance the average income of the people who left was higher than the ones that replaced them. I’ll go out on a limb and say the deserters probably are less dependent on taxpayer funded entitlements too than the new people that moved here.
They’ve got to stop giving away free stuff.