mrbret Posted November 13, 2008 Report Share Posted November 13, 2008 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? Quote Link to comment Share on other sites More sharing options...
SchmuckGirl Posted November 14, 2008 Report Share Posted November 14, 2008 I only paid tax on the value of the bike ABOVE the trade in value. Quote Link to comment Share on other sites More sharing options...
zerocrash Posted November 14, 2008 Report Share Posted November 14, 2008 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. Quote Link to comment Share on other sites More sharing options...
kawi kid Posted November 14, 2008 Report Share Posted November 14, 2008 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.why whats the difference?? Quote Link to comment Share on other sites More sharing options...
mrbret Posted November 14, 2008 Author Report Share Posted November 14, 2008 Sounds cool to me. Quote Link to comment Share on other sites More sharing options...
Pedro Posted November 14, 2008 Report Share Posted November 14, 2008 why whats the difference??Cause Uncle Sam will screw you anyway he can... Quote Link to comment Share on other sites More sharing options...
kawi kid Posted November 14, 2008 Report Share Posted November 14, 2008 good point Quote Link to comment Share on other sites More sharing options...
zerocrash Posted November 14, 2008 Report Share Posted November 14, 2008 Cause Uncle Sam will screw you anyway he can... That's the best explanation I could have come up with as well. Quote Link to comment Share on other sites More sharing options...
1fasttc Posted November 14, 2008 Report Share Posted November 14, 2008 Its one of the best reason's to trade a car or bike in for a new one. you save all that moolah in taxes. Quote Link to comment Share on other sites More sharing options...
Todd#43 Posted November 14, 2008 Report Share Posted November 14, 2008 Cause Uncle Sam will screw you anyway he can... When did we start paying Federal tax on purchases? Quote Link to comment Share on other sites More sharing options...
kawi kid Posted November 14, 2008 Report Share Posted November 14, 2008 agreed todd how can you tax someting already taxed?? Quote Link to comment Share on other sites More sharing options...
zerocrash Posted November 14, 2008 Report Share Posted November 14, 2008 agreed todd how can you tax someting already taxed??I think he's referring to Federal vs. State taxes Quote Link to comment Share on other sites More sharing options...
jagr Posted November 14, 2008 Report Share Posted November 14, 2008 Its how they make all that money. They tax it everytime it changes hands. Quote Link to comment Share on other sites More sharing options...
kawi kid Posted November 14, 2008 Report Share Posted November 14, 2008 o woops sorry Quote Link to comment Share on other sites More sharing options...
Todd#43 Posted November 14, 2008 Report Share Posted November 14, 2008 agreed todd how can you tax someting already taxed??THAT is something only the Federal Gov't CAN do.The death tax, tax on your retirement, etc. Quote Link to comment Share on other sites More sharing options...
kawi kid Posted November 14, 2008 Report Share Posted November 14, 2008 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 Quote Link to comment Share on other sites More sharing options...
Todd#43 Posted November 14, 2008 Report Share Posted November 14, 2008 I think he's referring to Federal vs. State taxesExactly.You pay state and county sales tax on a vehicle purchase. Nothing goes to "Uncle Sam". Quote Link to comment Share on other sites More sharing options...
Todd#43 Posted November 14, 2008 Report Share Posted November 14, 2008 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. 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. Quote Link to comment Share on other sites More sharing options...
wolfman Posted November 14, 2008 Report Share Posted November 14, 2008 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! Quote Link to comment Share on other sites More sharing options...
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