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How do I figure the taxes on a car purchase?
Posted on 10/7/11 at 9:03 am
Posted on 10/7/11 at 9:03 am
I'm looking at vehicle for $27,500. I'm going to trade in a vehicle that is worth around $10,500 and I owe $7,000 on it.
2
Posted on 10/7/11 at 10:26 am to AscensionTiger
If you are in louisiana the tax is taken after the trade in is deducted.
Posted on 10/7/11 at 11:05 am to AscensionTiger
It doesn't matter what you owe. The trade-in amount will be deducted from the selling price and you will pay tax on $17,000.
Posted on 10/7/11 at 4:00 pm to Layabout
Thanks, that was I thought
Posted on 10/10/11 at 3:05 pm to Layabout
quote:
The trade-in amount will be deducted from the selling price
True, but if you owe $7000 on the car you are trading in your net trade in will be only 10500 less the 7000 owed or 3500.
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