New car: tax question
Thread Starter
No longer a Honda Driver.
Joined: Oct 2004
Posts: 4,377
Likes: 0
From: H-A basement
New car: tax question
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!
Or do you pay tax on the price AFTER your trade-in and cash-down payment?
Or just after your trade-in?
Thanks!
TF-Plasticrack Crew
Joined: Oct 2005
Posts: 2,644
Likes: 0
From: NW of Chicago, 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.
I go duffy on dem bitches
Joined: Mar 2001
Posts: 28,248
Likes: 0
From: Gonzales, Louisiana
no, you pay tax on the price of the car. why would you pay tax after initial payments (trade in and down payment).
thats' retarded. trade in is just another form of payment so why would that deduct from the taxable amount?
BAZINGA!
Joined: Aug 2004
Posts: 21,613
Likes: 0
From: San Diego, CA
Considering that with cell phones you pay tax on the true cost of the phone (which is BS when you get a $400 for $50 and you pay taxes on $400), cars would be the same way. Final cost on paper is was is taxed, then come the deductions.
un-Touch'd krew
Joined: May 2001
Posts: 51,774
Likes: 1
From: My own level of hell
TF-Plasticrack Crew
Joined: Oct 2005
Posts: 2,644
Likes: 0
From: NW of Chicago, IL