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Audit help


RUTAN TA1647545492

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Basically you paid him the payment amount X the number of payments, so it wasn't a gift. You owe taxes on that amount.

 

http://i2.kym-cdn.com/entries/icons/square/000/001/231/yougonget.jpg

 

 

That is what I was thinking. But, I am no tax person...

 

KillJoy

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But I technically paid the sales tax on it already when I took over payments. Oh well, I'll just call my lawyer today and let him handle it.

 

the previous owner would of been the one that paid the sales tax when he bought it. you took over payments. so you havnt paid sales tax. you just made his payment to pay it off. now as the new owner you are responsible for the sales tax on bikes value.

 

state didnt get there cut on you taking over his payments. so now they want there cut.

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