Quick question on sales tax and trades

[1quikta]

I traded my truck even for an Accord and I am doing the paperwork this morning. If I don't fill in a sales price they will probably charge me for NADA, correct? Opinions? I usually buy or sell, not trade so this has not been an issue for me. In my opinion, I already paid for the truck so why pay for the Honda.

[Bam]

You are required to pay sales tax on the value of the car, even in a trade deal. Just put it down as kinda cheap and don't pay much on it, but zero won't fly. Been there done that. It blows.

[Mattsn2o281]

$100 purchase price ftw...

[TTQ B4U]

you pay sales tax on the difference unless things have changed since I was last aware....

[Big Steve]

$100 purchase price ftw...

 

+2 They cannot say anything to you about what price you put. When I bought my old project 86 caprice brougham car I put 50 bucks.

[HAOLE]

Call the BMV to be sure

[1quikta]

As it stands I have $500 on it. Debating on changing to $1500.

[Mattsn2o281]

As long as you pay something on the car, they could care less. hell i think up untill i picked up SRT-4 in 04, i had never paid the full tax on anything, and that was around 18 cars or so ago. You really paid absolutly zero, and i think its rediculous to have to pay tax on something thats already been taxed to hell and back by the previous owner.

 

If i can avoid it, i will never put down more then 100 on the title. but thats just me.

[blue98ls1]

I recently traded cars with someone and the woman at the title agency said to put 0 since no $ where paid for the car.

It never hurts to ask though, your area may be different.

[Drewhop]

I do title work for our dealership. In a trade you have to put a value on the trade. But i called the title office to make sure. Exact words are that you have to put a value but they dont care what the value is nor can they set it for you. So put 50 bucks on it and call it a day.

[1quikta]

$50 sounds better, but I am back now from the title place and I kept it at $500. I don't believe I owed one damn penny, but that is neither here nor there.

 

Thanks for the info guys!

[nurkvinny]

you pay sales tax on the difference unless things have changed since I was last aware....

Only when trading in a used vehicle on a new vehicle.

[excell]

I've paid $1.00 for a few vehicles...

[TTQ B4U]

helps if I read the OP more clearly eh?

 

Only when trading in a used vehicle on a new vehicle.

[1quikta]

I've paid $1.00 for a few vehicles...

 

LOL, now that is unbelievable.

 

Vinny, nice truck in the sig. Those years were my favorites.