Anyone know the ramafications of buying a boat in VA when you live in MD?

David

David Ditch wrote:

Anyone know the ramafications of buying a boat in VA when you live in MD?

David

Nope, but I do know some ramifications of living in MD - that's why I
live in VA. C'mon down.

David Ditch wrote:

Anyone know the ramafications of buying a boat in VA when you live in MD?

David


Believe it matters where you have the boat. We live in PA and dock in
MD. Boat is registered in MD, and as far as I can tell, is essentially a
second home in MD.

--
Jere Lull
Xan-a-Deux ('73 Tanzer 28 #4 out of Tolchester, MD)
Xan's Pages: http://members.dca.net/jerelull/X-Main.html
Our BVI FAQs (290+ pics) http://homepage.mac.com/jerelull/BVI/

x-no-archive:yes Jere Lull wrote:

David Ditch wrote:

Anyone know the ramafications of buying a boat in VA when you live in MD?

David


Believe it matters where you have the boat. We live in PA and dock in
MD. Boat is registered in MD, and as far as I can tell, is essentially a
second home in MD.

That's my understanding too. I have a friend who lives in NJ and
docks his boat in MD - It's a MD boat. Another guy from VA keeps his
boat in MD - it's a MD boat.

I would prefer to be in MD if I had a boat or a car over VA.

grandma Rosalie

I plan to dock on eastern shore of MD.

David
"David Ditch" wrote in message
...
Anyone know the ramafications of buying a boat in VA when you live in MD?

David

Welcome to the Socialist Peoples Republic of Maryland.
If you keep it in MD you will owe MD the 'differential' of sales tax
..... and you have 30 days to pay it as the tax clock starts running the
instant you enter MD. 1 second over the dwell/entry period and you get
hefty penalties with interest applied.
If you keep the boat in VA and only occasionally visit MD then you owe
VA. It all depends on which state is the state of 'principal usage'.

If you buy in Virginia and will keep the boat in Maryland, you will have to
register and pay the Maryland Sales or Use tax, which I believe is 5%. If
you plan to keep the boat in Virginia, you may enjoy Virginia's cap on
Sales/Use tax on boats, which is $2,000.

"Cheshire" wrote in message . ..
If you buy in Virginia and will keep the boat in Maryland, you will have to
register and pay the Maryland Sales or Use tax, which I believe is 5%. If
you plan to keep the boat in Virginia, you may enjoy Virginia's cap on
Sales/Use tax on boats, which is $2,000.

....and if you keep the boat in Virginia you will also have to pay
property tax on it every year. The amount of this tax is determined by
the county where the boat is kept, and I believe that some counties
down in the South of Virginia are reducing or eliminating it as an
inducement for you to give their local marinas some business. The
equivalent tax on automobiles is mostly paid to the counties by the
state (the primary reason for Virginia's fiscal crisis) but the
governor who was elected on that platform chose not to do the same for
the tax on boats, trailers, airplanes etc.

Giles

Anyone know the ramafications of buying a boat in VA when you live in MD?

David


Believe it matters where you have the boat. We live in PA and dock in
MD. Boat is registered in MD, and as far as I can tell, is essentially a
second home in MD. BRBR

I'm sort of in the same boat (smile). I live in VA and keep my boat in MD.
Had to pay MD sales tax when I bought it, but the annual registration fee in
very cheap. If I kept the boat in VA, I'd have to pay an annual property tax
on it, that would not be minor... So, if buy a boat in VA, you may want to get
it into MD as soon as possible.

If
you plan to keep the boat in Virginia, you may enjoy Virginia's cap on
Sales/Use tax on boats, which is $2,000. BRBR


That takes care of sales tax, but not the annual property tax..... the gift
that keeps on giving in the Old Dominion.