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Tax question when buying a used truck
Posted on 3/6/18 at 8:17 pm
Posted on 3/6/18 at 8:17 pm
I will try to make this simple as I can..
Buying a used truck from private seller. Title for the truck is at the bank on collateral for another vehicle the seller has financed. So he has to pay his loan off to get the title. I will be paying 20g cash and financing 24g from the same bank.. can I give him the cash before hand and get away with saying I’m just paying 24g and save on my taxes? Or do I have to show I paid closer to market value. Market value is about 45? As always Thanks for the advice
Buying a used truck from private seller. Title for the truck is at the bank on collateral for another vehicle the seller has financed. So he has to pay his loan off to get the title. I will be paying 20g cash and financing 24g from the same bank.. can I give him the cash before hand and get away with saying I’m just paying 24g and save on my taxes? Or do I have to show I paid closer to market value. Market value is about 45? As always Thanks for the advice
4
Posted on 3/7/18 at 6:57 am to WPsportsman
Why are you paying with weed?
Posted on 3/7/18 at 7:36 am to WPsportsman
quote:
I will be paying 20g cash and financing 24g from the same bank.. can I give him the cash before hand and get away with saying I’m just paying 24g and save on my taxes? Or do I have to show I paid closer to market value. Market value is about 45?
If you finance every penny of a purchase, you still owe sales taxes on the full amount.
If you show up at DMV to register it with a bill of sale for a low ball amount, they will likely look up the FMV and hit you with sales taxes on that.
Is the bank that holds the title going to handle the transaction? That could make it safer for you. I would be wary if it's a deal where you hand him the $$ he needs to pay off the loan and then trust/hope he actually does and gets the title.
Posted on 3/7/18 at 1:47 pm to Twenty 49
It’s a guy I know and trust
Posted on 3/7/18 at 2:03 pm to WPsportsman
quote:
used truck
quote:
paying 20g cash and financing 24g
Posted on 3/7/18 at 2:33 pm to WPsportsman
taxes are based on FMV they look it up in the book. Sounds like he needs to sell the truck bad
I would explain the tax situation to him and get him to come down another grand or two
I would explain the tax situation to him and get him to come down another grand or two
This post was edited on 3/7/18 at 2:35 pm
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