Virginia Law

A. Seller of watercraft. Any person who sells a watercraft in Virginia must retain a copy of the invoice required by § 58.1-1403 of the Code of Virginia for six years following the sale (See 23VAC10-230-100).

B. Dealer paying gross receipts tax. Any dealer taxed on gross receipts under § 58.1-1402 of the Code of Virginia (see 23VAC10-230-70) must retain a copy of all invoices for lease, charter or other usage of watercraft for six years following the transaction.

C. Invoice information therein. Each invoice must accurately describe the watercraft sold, leased or used.

1. Watercraft sales invoices must contain a complete description of the watercraft sold, including its sales price, its make, model, year, length, builder's hull number, if any, and the manufacturer's engine serial number, if an inboard; for an outboard motor, its make, model, year, horsepower, and manufacturer's serial number.

2. For purposes of a dealer's monthly or periodic invoice for lease, rental or other usage of watercraft, the required description is limited to make, model and year; provided the dealer retains a copy of the original purchase invoice for each watercraft so used. See also 23VAC10-230-100.

D. Examination by Tax Commissioner. The Tax Commissioner may examine during the usual business hours of the day records, books, papers, or other documents of any dealer or other person selling or purchasing watercraft, relating to the receipts or sales prices for any watercraft, to verify the truth and accuracy of any statement or any other information as to a particular sale, lease or other taxable transaction.