ric wrote:
I'm not saying you bought the boat for $1000, but it might say that on the bill of sale.
Selling a boat that lists for 90k and putting on the bill of sale you sold it for anything less is Fraud, pure and simple. The government may not catch you today or tomorrow - but they will catch you someday when you least expect it. You can either hire an attorney to defend you for 2x you would have paid initially (if you win) or pay 10x what you would have paid in the first place, and end up watching others boat from a cozy 8'x8' for a while - or from home wearing the most fashionable anklewear the state can provide.
So - how will I get caught you ask? either the state reviews the paperwork and raises a red flag (unlikely - but not highly, most states are overworked and just glance at the document - but others go off computer based input and will red flag for anything beyond a certain percentage of valuation) OR - the person who gets that windfall for the boat has to report it somewhere. 10K you might get away with, but 89k? Someone somewhere is going to notice that money. Be it the state, Feds, or an ex wife - and they'll have to come up with something. Which will then lead back to you.
Back to subject - I asked about the IPS at a boat show. The rep told me - it's great - if you have the money to maintain it.
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2008 Four Winns h180 Bowrider
3.0 Volvo Penta
2013 Dodge Durango HEMI
