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Car Taxes
Posted on 5/19/10 at 5:45 am
Posted on 5/19/10 at 5:45 am
I have a question about taxes on a used vehicle when you are trading in your old vehicle. I live in LA and if I am buying a used car for $30,000 and have a trade in of $10,000 so would my taxes be on $30,000 or $20,000. Thanks for your help!
2
Posted on 5/19/10 at 7:48 am to LSUSVM02
quote:
used car for $30,000
You pay tax on the purchase... the 30k. And whoever is buying your old car for 10k pays tax on that.
Posted on 5/19/10 at 9:21 am to seawolf06
I guess that's what i get for not looking this up. So is there any kind of way to take advantage of this tax break buying and selling cars privately?
Posted on 5/19/10 at 9:22 am to seawolf06
In Louisiana you also pay taxes on the $20,000. You would take your selling price minus your trade and pay your taxes on that.
Posted on 5/19/10 at 11:13 am to LSUSVM02
Its definitly 20k. You are creditied the difference it varies by state but in LA you get the credit for the trade.
Posted on 5/19/10 at 11:39 am to Catman88
yeah only on the difference, this helps make up the difference on the low balling of the offer they make you on the trade in, some dealerships will even let you sell the car yourself they do the paper work and you still get the credit (for a fee)I forget what they call it maybe an "in and out?"
Posted on 5/19/10 at 11:56 am to Tigerpaw123
quote:
some dealerships will even let you sell the car yourself they do the paper work and you still get the credit (for a fee)
You should be able to negotiate them to do this for free. It costs them almost nothing and gives them a chance to gain a new customer.
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