Thread: New car: tax question
View Single Post
Old Jun 1, 2009 | 07:04 AM
  #3  
Megatron's Avatar
Megatron
TF-Plasticrack Crew
 
Joined: Oct 2005
Posts: 2,644
Likes: 0
From: NW of Chicago, IL
Default
Originally Posted by GotJDM?
If a new car is, let's say, $30,000, do you pay tax on that price?

Or do you pay tax on the price AFTER your trade-in and cash-down payment?

Or just after your trade-in?

Thanks!
I don't know how it works in your state, but in IL:

Price - trade in allowance = Total Taxable Amount

Down payments are deducted after the Total Taxable Amount.
Last edited by Megatron; Jun 1, 2009 at 07:05 AM.
Reply
0