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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.
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