I received a "gift" from a friend today. !!

[Fritzo]

The two happiest days of a boat owner's life:

The day you obtain your boat and the day you sell your boat.


EDIT: LOL! I didn't refresh the page and this gets posted twice by other people 😀

Being a former boat owner, I can honestly say it's true though.

 

[sdifox]

I am hanging out with the wrong people. I only get free blank DVDs.

 

[mugs]

Correction.

He didn't GIVE it to you. You paid $1 for it.

Right?

Cuz..

Otherwise, the GIFT tax on a $30,000 or so boat will probably kill ya.

However, the tax on a $1 purchase wont

So.. he didn't GIVE it to you, right?

The giver pays the gift tax, not the recipient. If you sell something for less than fair market value, the difference between sale price and FMV is a gift (selling for $1 doesn't help you). There is a $13,000 annual exemption though, so if the boat is worth less than $13,000 the OP's friend would owe nothing. Even if the boat is worth more than $13,000 it would only count toward the $1 million in lifetime gifts that you have to hit before you ever owe any gift tax.

In other words, very few people ever have to pay gift tax. It just prevents you from avoiding the estate tax.

 

[joesmoke]

Haha, a distant relative told me something similar:

"Boats are great. They're holes in the water you get to throw money into!"

Break Out Another Thousand?

 

[sygyzy]

I know you're not lying but I find the story quite incredible.

 

[mikej007]

and i thought this was about STDs at first

+1

 

[SearchMaster]

I know you're not lying but I find the story quite incredible.

"Honey, we gotta move to Alaska - they give away boats like sticks of gum!"

 

[HeXploiT]

I know you're not lying but I find the story quite incredible.

Tell me about it. When I sat down to create this thread I'd actually almost forgotten that another guy tried to give me a boat a few weeks previous.
Adding that to the story is just the icing on the cake.
I'll take pics when I finally get my hands on it.
I'm hearing now that it has all the toys...new radar, fish finder...the works.
I think God has blessed me.
Can't wait....

 

[Bryophyte]

Nice! I spent some time in Ketchikan, twice this summer, moored in Bar Harbor. 4th of July weekend on the way North, and got stuck there for several days in August while it was pissing rain, on the way South. You can see my boat in my sig.

 

[destrekor]

"Honey, we gotta move to Alaska - they give away boats like sticks of gum!"

"And the state even pays us to live there! Sure, there is an oil pipeline running through my otherwise scenic backyard... but did I show you the free boat? And the money?"

 

[AbAbber2k]

Obligatory... http://www.youtube.com/watch?v=R7yfISlGLNU&fmt=22

 

[Leros]

Was your trip here business or pleasure?
I was born & raised and then moved back with my wife a few years ago.
It's nice to be in America but at the same time have a "buffer". 🙂

Pleasure. We flew into Ketchikan and then took a boat down to Juneau hitting various small towns along the way.