The legal aspects of the build

[Ike]

Thanks ddrdan,

I would just give them a guesstimate, tell them it is a backyard built boat and you built it. Most states make you sign some form that swears you built the boat. So you can place whatever value on it you think is realistic.

[gonzo]

If they ask for specifics you can either show what similar boats are worth, or hire a surveyor to give a market value for it.

[openboater]

Originally Posted by ddrdan

What do you do without receipts? Guesstimate a total?

I've built and registered 3 boats in here in NY state for personal use. NY Dept of Motor Vehicle simply has me sign a form that states that I paid sales tax on the materials at time of purchase. ( I do keep my receipts until that time just incase they change ).

I believe every state is different in regards to how you get a HIN and/or registration for a homebuilt boat for personal use.

[gonzo]

If you sell it at a profit, the IRS wants its cut too.

[SamSam]

Originally Posted by ddrdan

Other than the enclosed fuel tank, are there other problems I'm not seeing?

I've been ignoring the issue of insurance?? My insurance agent told me home built boats can't be insured? Is he wrong?

Yes, he's wrong. Anything can be insured. You'll just have to pay an awful amount of money for it. Same thing for the fuel bills for your jetdrive compared to a propeller drive.