This is my first time selling a car so bare with me

-Do I have to file tax at the end of the year in regards to the amount I got from selling the car?
-Is it beneficial for me to put it as a higher cost or lower cost? For instance I'm selling it for 8k, is it beneficial for me in any way to put it on the Bill of Sale that I sold it for 7k or 9k?
-I just need the title and Bill of Sale to complete the transaction correct?

 

i don't know how it works in LO

but in MI when you sell the car the buyer is responsible for the taxes on it. he buys it and when he goes to the secretary of state to change the title over the take the value thats written on the title as the sale amount and charge him the tax right then. i've never paid tax on a car i've sold :dunno:

there isnt any benefit for you that i know of to alter the price sold, however there IS a benefit to the guy purchasing. If its someone i know, a friend or something, i will usually leave the selling price blank and let them put what they want. say i sold the car for 10k, if i let them put on the title 9k that saves them money or even 8k for that matter. just be careful because sometimes they actually check that shit and they will call you on it.

title + bill of sale + specificially state the car is sold as is in the bill of sale!!! you can hand right a bill of sale ... i (phat dong) sell this car to (ricer boy) for X amount o fdollars on (date) with no warranty of any kind, car is sold as is. both parties sign, keep a copy for yourself and a copy for him. fill out the title and he handles the rest


at least thats all in Michigan

 

cool thanks

dude picking up my evo saturday, wiring me 1,000 bucks as a deposit today.

 

 

in michigan we dont really have a DMV

it's the secretary of state offices, thats where all motor vehicle things are handled

 

damn hag.

 

The only thing that you as the seller need to do is make sure that your buyer doesn't put down some ridiculously low price as the purchase price, if the price on a bill of sale looks way too low for the year of car the Sec of State here will question it. Like don't claim you bought a 2005 BMW for $1000. You don't have to collect the taxes on it or pay taxes on the sale of the car.

 

Same deal here in CA. You have no benefit of lowering the actual sales price. The only benefit is to the buyer who will pay taxes on the stated sales price. Taxes are paid when the car is registered with the appropriate administrative agency. (DMV, SOS, etc.)

When you do sell the car, make sure to do the following:

-Make sure the funds clear the bank - Cashier's checks can be forged.
-Make a photocopy/scan of the person's PHOTO ID - Preferrably a driver's license.
-Pull a draft bill of sale for the vehicle and list the following: 1. both parties full incormation/address/phone #/DL # etc.; 2. year make model vin and license plate and mileage; 3 vehicle is sold as is where is with no implied/expressed warranties; 3. sales price' 4. signatures signify release of all liens and liabilities for the aforementioned vehicle; Signatures of both parties with date of transaction.

Make 2 copies and have original signatures on both.

 

You're just on a vendetta aren't you? Get a life.

 

Thanks good info.