Is there any financial benefits in documenting a vessel, verses SC state registration? and do you still have to pay property tax yearly in SC if its a documented boat?
There was in the past but they have closed those loopholes, for the most part, through legislation.
26 Regulator FS “Miss Ella Pearl”
If the boat is financed, many lenders require it to be documented. If your lender doesn’t require it, there’s no advantage for doing so, unless you just don’t want to bother with putting reg #'s on your bow. You can save the registration and renewal fees if you document. You’ll still have to pay taxes…the good thing is if it has a berth, galley, and head you can claim it as a second home and deduct the PP tax…that is if you don’t already have a second home.
“Never argue with an idiot…he will drag you down to his level and beat you with experience.”
“the good thing is if it has a berth, galley, and head you can claim it as a second home and deduct the PP tax”
You can deduct the PPT in SC anyway but if it qualifies as a second home you can deduct the interest on the loan.
I’d rather fish than eat.
A gun in the hand is better than a cop on the phone.
In God We Trust
quote:
Originally posted by Taz“the good thing is if it has a berth, galley, and head you can claim it as a second home and deduct the PP tax”
You can deduct the PPT in SC anyway but if it qualifies as a second home you can deduct the interest on the loan.I’d rather fish than eat.
A gun in the hand is better than a cop on the phone.
In God We Trust
You are correct…must have been a brainfart…
“Never argue with an idiot…he will drag you down to his level and beat you with experience.”