- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
How do the taxes work when trading in a car?
Posted on 2/17/14 at 4:32 pm
Posted on 2/17/14 at 4:32 pm
I haven't done this in a while but I seem to remember if you are trading in a car you don't have to pay the full amount of taxes on the new purchase or something of that nature. Does anyone know how this works?
1
Posted on 2/17/14 at 4:35 pm to Tiger Vision
The trade-in value is subtracted from the sale price before sales taxes are computed on the final amount.
This post was edited on 2/17/14 at 4:36 pm
Posted on 2/17/14 at 9:01 pm to LSURussian
So you just pay taxes on the difference of the new car sale price and trade in price of the old car. Thanks.
Posted on 2/17/14 at 9:18 pm to Tiger Vision
What happens when you sell a car yourself then purchase one at the dealership? Do you still pay the difference in taxes?
Posted on 2/17/14 at 9:31 pm to rpg005
quote:
Posted by rpg005 What happens when you sell a car yourself then purchase one at the dealership? Do you still pay the difference in taxes?
No you pay the full amount of taxes- it only works with a trade-in
Posted on 2/17/14 at 9:53 pm to LSUGUMBO
All depends on which state you're in.
In Arkansas if you sell your car within a 45 day window of buying the other car then you can take the bill of sale to the DMV and use it as a tax credit.
I did it on my last car transaction.
In Arkansas if you sell your car within a 45 day window of buying the other car then you can take the bill of sale to the DMV and use it as a tax credit.
I did it on my last car transaction.
Posted on 2/18/14 at 10:34 am to Hog Springs
You can also do the paperwork at the dealership (both parties present) and get the credit. You effectively trade to dealer, and they then sell to 3rd party at your agreed price. I've heard it referred to as a paper trade or a quick trade.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News