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Louisiana vehicle sales tax question
Posted on 5/20/14 at 9:19 pm
Posted on 5/20/14 at 9:19 pm
I always understood that when you trade in a vehicle you pay taxes on the difference of trade in value and new car price.
I am trading in a truck titled in my personal name and buying the new vehicle in my LLC name with me as a third party guarantor. I am in louisiana and this transaction is taking place at a Texas dealership. Texas dealership says I have to pay full tax on new vehicle because I am going from my name to LLC.
Anyone have any knowledge on this? TIA!!
I am trading in a truck titled in my personal name and buying the new vehicle in my LLC name with me as a third party guarantor. I am in louisiana and this transaction is taking place at a Texas dealership. Texas dealership says I have to pay full tax on new vehicle because I am going from my name to LLC.
Anyone have any knowledge on this? TIA!!
Posted on 5/21/14 at 12:17 am to rpg005
Sounds right, due to title going in LLC.
Posted on 5/21/14 at 6:50 am to rpg005
Is there a reason you can't just buy the vehicle in your individual capacity and then contribute it to the company?
Posted on 5/21/14 at 12:24 pm to rpg005
If you are on there as a guarantor then you are entitled to tax credit on your trade in.
Posted on 5/21/14 at 9:00 pm to ThisWayChad
I want it to be titled in my company name so it will not go against my personal debt. With it being titled in my company name and me as the third party guarantor then it doesn't show up on my personal credit report.
Posted on 5/22/14 at 8:59 am to rpg005
quote:
I want it to be titled in my company name so it will not go against my personal debt. With it being titled in my company name and me as the third party guarantor then it doesn't show up on my personal credit report.
Why don't you contribute the old vehicle to the LLC and then trade it in?
Posted on 5/22/14 at 10:16 am to rpg005
quote:
With it being titled in my company name and me as the third party guarantor then it doesn't show up on my personal credit report.
You sure about that?
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