Re: Sales tax implications on a trade help?
In Florida, you only pay sales tax of the negative difference in value between trade items. If you trade your boat plus $1K for another boat, you only pay tax on the $1K.
OTOH, if you trade with a positive difference in trade value, you pay no sales tax, but you have to claim the cash difference you received as taxable earned income at income tax time. Florida, fortunately, has no state income tax.
Either way, you have to pay the state title and registration fees, which just doubled last month.
__________________
Common Sense is learning from your mistakes. Wisdom is learning from the other guy's mistakes.
Fr. Frank says:
Jesus liked fishing, too. He even walked on water to get to the boat!
Currently without a SeaCraft 
(2) Pompano 12' fishing kayaks
'73 Cobia 18' prototype "Casting Skiff", 70hp Mercury
|