- Dec 29, 2009
Merry Christmas my friend!
ANTIQUE, Like mine, no value. The question is if you want to insure the boat then you have to place a $$ value on it. Then they will want to tax you on that.Okay folks I need your opinion for this one. I just received a form in the mail asking me to tell them what fair market value is for my boat. They only want the boat and engine in that estimated cost. The trailer is taxed separately that I pay every year.
I bought the boat, engine and trailer for ~$600 dollars. So I am assuming there is no "book value" anymore on such an old (1976) setup. So how would you go to give them a value? I know that whatever I suggest, they are going to tax me on it. So what would you do...
I guess I could say $600 dollars and let it go that way. How would they evaluate it any other way? Any suggestions?
$600.00 in 2012, depreciate the value for the years. They don't care. Tods boat is current purchase. Investments/costs to the boat are actually a loss in boat world time. :}Since I initially purchased this entire boat engine and trailer for about $600 dollars, and it is yet to touch water since purchasing in 2012, That is my value I am sending in for it. I mean it is a 1976 boat and engine, and realistic value is not an imaginary number. It was/is merely a hobby project at this time. Is it worth more then that? Maybe, but only to a person that will give me more then that. And I have no idea what it seriously is worth. So $600 is it!