SALES TAX HACK!! Wakeboat Ownership, Episode 22
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- Опубликовано: 10 сен 2024
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In Washington state the sales tax is 10% is some counties. It's crazy!!!
I know, just helped a friend in WA work on registering in MT. The thing I do like about WA is when I buy retail items there I can show my MT drivers license and they don't charge me sales tax. CA doesn't do that.
Hey man. I know this was a year ago. But I was just wondering how your sod took?
Not great, it's like a desert here so you have to water the crap out of it and most people have wells. Not cost effective on city water, but I still have some grass, haha
AZ residents don't have to pay sales tax on private party purchases already registered in the state.
Nevada only pays taxes if bought from a dealer same with cars
@@snowboardintahoe yeah same
CA has an annual 1% luxury/property tax on vessels and aircraft.
Ouch! Not fun
Lol of course they do!... Idk hoe anyone could stand living in CA
Most states require registration if the vehicle is in the state for more then 60 days or so. You would need to get caught of course. Also I didn’t click on the video to watch you for almost 15 minutes setup your camp.
You are welcome to skip the parts you don't want to watch
This isn't even a legal grey area, it's straight up illegal. If the vehicle is purchased through an LLC, then legally speaking it MUST be used for the purposes of that LLC. For example, I live in Washington state. If I were to set up an LLC and buy a vehicle in Montana, that vehicle would need to be used in Montana for the purposes of the LLC. If I brought it over into Washington for personal use, I would legally need to transfer the ownership of the vehicle over to myself, which would require me to pay a use tax as it is brought into the state. This use tax applies to all goods brought into the state including TVs, couches, electronics in general, and vehicles. All this said, people get away with it all the time, doesn't make it legal.
Also, keep in mind that this is tax evasion which can be considered a felony depending on severity. While I understand that the risk is super low of getting caught, the reward is nowhere near worth potential of prison time and quite large penalties
Good to know
Jon, you are 100% correct. My accountant would flip out!!! In addition I will touch on the LLC purchase, you can buy a rec vehicle with an LLC. That is correct. But let’s say your teaching wakesurfing. You will have to keep track of business and personal usage and then pay tax on the income. People spend more time, energy and money trying to get out of paying tax than the cost of the tax is worth. Your however do not pay tax on equity when you trade in. So if you trade in your boat for 140k and the new one is 200k, you only pay tax on the 60k that has not been taxed yet. If your spending 150k on a boat and you can’t afford the tax or you have to find all these workarounds you probably shouldn’t buy the boat! Probably the same people who complain about fuel usage…
Solid tip
Thank you!
Over 30 years ago, my skating teammate bought his Eagle Talon in MT to avoid sales taxes. He was from Boston, MA.
Been working for many years I guess.
@@wake_mann Looks like it.
Hey wake mann, I was wondering if you knew of any boats that are decently cheap that would be good to buy or if there was a specific website to find good used boats
Hi there, my advice right now would be to wait until winter, the market is crazy and summer us always the worst time to buy. I would keep your eye on boatrader and onlyinboards
@@wake_mann Ok thank you so much and I love your vids❤️
You're welcome and thank you for the support!
Ok I’m moving to Montana. You need to get your dealer license and sell me a boat, one that works so I done miss anymore lake trips
Haha, its a great place to live!
I’m actually planning on a trip soon. Was looking up prices.
Keep me posted, we can communicate through email.
Oh I will. I definitely want to make it to the wake with you
Its a sh*t place in the winter. We had 100hr of -0s last feb... I am saying this as I comment on a 104 degree day.
Your viewers just spent 14:30 waiting for you to get started on your topic. 😒
Hey, we bought our 18 Mustang Gt in Minnesota while on vacation there and saved about $7k over what both Billings and Laurel wanted for same exact car. 18 Gt premium with perf package 1 6sp man. They DID NOT charge us tax... because we were not registering it there, they gave us a 30day tax exempt paper and told us to enjoy. Same goes for Colorado, they DO NOT charge us (MT residents) sales tax because we are removing the vehicle from their state. States I can confirm that do NOT charge us are AZ, UT, WY, CA, WA, ID, ND, SD, CO, MN, WI and TX.
Its a great way for MT residents to keep local shops from bending us over. Same goes for the Raptor trucks.... what the local dealer ( next to BK on King ave) wanted was close to $9k higher here. I showed them on my phone, the advertised price in Apple valley MN, for Raptor and the local guy showed it to his sales manager.... and then told me they pay more than that for their trucks( lie). Plus they guy in MN offered me 2 one way 1st class tickets... to buy it or would ship it here for $1100. I wound up just keeping my truck(debt vs no debt mental debate)... point being the amount saved = about a year less of payment... and I like to stay local, but that is real money and my loyalty ends at about $2k ish.
There are more but these states either I have or family or close friends have bought vehicles there and did not pay a tax when they brought the rig back here to register.
Also remind people we register our boats 1 time. $400 for 20’+ and that is it.... unless you count the ais stuff which is cheap any ways.
Vehicles 11+ years can also get permanent plates..... which works great if you live in a smog state...set up a fake po box here as your addy and register your dirty breathing ( cat free) vehicle here and walla... clean.
Yes, I've experienced the same things, great to live in MT!