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re: This may be a dumb question concerning used car buy
Posted on 9/28/15 at 10:21 am to ForeverLSU02
Posted on 9/28/15 at 10:21 am to ForeverLSU02
I would advise that these are being audited now. And I wouldnt report less than 20% below blue book value for trade in price.
0
Posted on 9/28/15 at 10:23 am to StickyFingaz
city, terrotist, -- what's the difference?
pectus, you won't do well in the joint. don't commit tax fraud.
pectus, you won't do well in the joint. don't commit tax fraud.
Posted on 9/28/15 at 10:55 am to ForeverLSU02
quote:
You could lie on the paperwork and say that he's paying much less than the actual sale price to save him some $ on taxes, but that would be illegal. A lot of people do that though
I believe DMV checks Blue Book value to find the acceptable price range so don't shave it too much.
Posted on 9/28/15 at 11:18 am to Layabout
quote:Nice to know. What if it's considered an act of donation? Do they still have to pay taxes on the FMV?
I believe DMV checks Blue Book value to find the acceptable price range so don't shave it too much.
Posted on 9/28/15 at 11:42 am to Pectus
quote:
supposed to be common knowledge?
Yes.
Posted on 9/28/15 at 12:05 pm to soccerfüt
quote:
I wouldn't risk it.
Yeah, you can fudge it some, but you can't say it was sold for $3. They will look up the value. Now if it's a 20k vehicle and you say you got it for 18k, might not be an issue.
Posted on 9/28/15 at 12:42 pm to KG6
quote:You can fudge it greatly if you have a mechanic or body shop write an estimate that can justify the lower sales price. I'm just guessing that might work and it's not like I have experience with any such nonsense.
Yeah, you can fudge it some, but you can't say it was sold for $3. They will look up the value. Now if it's a 20k vehicle and you say you got it for 18k, might not be an issue.
Posted on 9/28/15 at 12:46 pm to stout
In Alabama, you can't show a bogus bill of sale for thousands less. You pay sales taxes on the current value of vehicle purchased.
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