Does using a vessel, as a primary residence, change the way taxes are handeled? I am selling a house, and am thinking of rolling over the proceeds into a Boat....Any thoughts? Thanks

I am by no means a tax expert - but here's my two cents. I don't think you'd owe any taxes on the capital gains of your sale of your PRINCIPAL residence. You should be able to keep all of that. As far as establishing a permanent residence while living on a boat that would fall under the residency requirements of the state you slip your boat. I know the US post office has really tightened up the requirements for a PO Box so establishing a physical address while on living on board my have become more of problem since 9/11. Living aboard a boat depends on where you are. On a lot of inland lakes the governing body for that body of water may prohibit live aboards - most Corps of Engineer lakes are such. A lot of it depends on how obviously you live. If you keep it low key generally no one says much - but if they do - you don't really have a leg to stand on. Coastal live aboards from my experience are easier to find and have a lot fewer issues and reg's. I guess my advice is to ask a lot of questions from slip providers and get a balanced opinion from people who aren't trying to rent you a slip. If you have a specific area in mind post the particulars on this board and I'll bet you can find someone who has first hand knowledge of the area and requirements.

I never really have understood the Army Corps of Engineers reasoning on not living aboard...If you're paying slip rental, it's paid by the year and the boat is there, what's the problem?
Danny

From what I understand they don't want something like what you see in the harbor at Hong Kong. The Corps is tasked with developing recreational use of these bodies of water along with flood control and commercial shipping. The Corps doesn't think that live aboards fall in any of the above. Most of the marinas on Corps lakes are on relatively short term leases (20 or less years) In order for a marina to lease to you a space to live in would require a much more detailed sublease between you the the marina operator and the Corps and I think you can see that if the marina operator loses his lease you are out of luck. It has happened. As I said before on Corps lakes if you keep it low key you generally won't be hassled.

IN MANY PLACES , "DONT ASK DON'T" TELL IS THE BEST WAY TO GO.

WE'VE LIVED ABOARD FOR 7 YEARS ON THE TENNESSEE RIVER IN ALABAMA. THIS IS TRULY GODS COUNTRY FOR HOUSEBOATING. COME ON DOWN.

it depends what Corps district you are in, in the Carolinas they passed a law to make sure they could have livaboards. Where i am I do not have a lease, I own the land under the water and I have 10 liveaboards at my place. Don't ask don't tell is the way, that is what I did in Nashville. There is no way they can tell if you went somewhere one day a month. In Al you can Homestead a houseboat. Move on and good luck.

In Brevard County Florida, the property tax assessor does not assess houseboats because they have not figured out how to tax a moveable house that may be gone tomorrow to ? So, if you live aboard here, you don't pay property tax. _java_script__:AddSmileyIcon('')

It is to my understanding that if you put your boat on an intercostal waterway, or navicable channel you can register it with the federal goverment and not pay any local taxes on it but ut us best to check that. any time you can get out of paying more do so