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Paying tax on a dealer purchace question


mrbret

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Lets say I buy a car/bike from a dealer for $10k.

I would still need to pay tax on that BUT if i trade something in for say $4000 that I had already paid tax on when I bought it do I still pay the tax on the full $10k or just of the difference between the $4000 trade & the $10k so just paying tax on the $6k?

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THAT is something only the Federal Gov't CAN do.

The death tax, tax on your retirement, etc.

ok i see now. thanks. i was trying to think if examples but the closest thing i could come up with was like cashin stock or something like that but still didnt make sense to me

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Shhhh. I don't think Sammy knows that. If we start getting taxed on the Federal level for vehicles I'm blaming you and this thread. :D

Actually, dumping the income tax in favor of a national sales tax would be AWESOME!

No loopholes, everyone pays based on what they spend (tied to how much money they make), and you tax the underground economy. Even those fuggers gotta by stuff in the store.

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Yep, you only pay tax on the difference when trading used for new. It has to be new though, used for used and you'll pay tax on the entire amount.

Interesting, I didn't realize that. I know when I bought my Honda I only paid like $60 or something ridiculously low in taxes b/c I traded in my Wrangler on it.

Actually, dumping the income tax in favor of a national sales tax would be AWESOME!

No loopholes, everyone pays based on what they spend (tied to how much money they make), and you tax the underground economy. Even those fuggers gotta by stuff in the store.

Hell yes! National sales tax all the way!

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