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Title question: trading vehicles


truckin

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Per Ohio law you can not trade. They will tell you to out vehicle value and pay taxes on that. Do yourself a favor and put a reasonable amount down and just pay the tax. Trust me on this one over 50 cars and haven't had a issue. Don't be the idiot who puts down $1.
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Traded a z28 for a chevelle couple years ago. He and I both agreed we valued our cars at $150.

 

They can come after you for the balance of taxes. They have the right to collect tax based on an estimated "fair market value" of the vehicle regardless of what you state you paid.

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They can come after you for the balance of taxes. They have the right to collect tax based on an estimated "fair market value" of the vehicle regardless of what you state you paid.

 

Yep, I bought and sold a classic corvette project for cheap awhile back, and damnit if I didn't get those nastygram letters every year or two asking me to confirm all kinds of BS.

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They can come after you for the balance of taxes. They have the right to collect tax based on an estimated "fair market value" of the vehicle regardless of what you state you paid.

 

Indeed they can. I'm well over the 50 bought/sold number at this point. Never had a trade questioned(10 maybe?). I've also never put less than $100.

 

OP might be looked at closer with an out of state deal.

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Yep, no trades anymore. I just did this a few months back. "Traded" a pickup truck with 66k miles for another with a broken odometer. $500 prices on both titles, paid them the tax which I think came out to $30 some dollars, no questions asked.
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Cheap asses lol. I never put less than $1000, it's only ~$70 in taxes. I have gotten a questionnaire twice though after a trade asking what the selling price and all that was, don't know if that was a coincidence or not. I just filled it out accordingly with what the other person and I agreed on and mailed it in.
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Best way to protect both buyers is to also have a bill of sale (or two) that states that you agreed to pay $X amount. That way if the state audits the seller and he slips up and claims there was a trade or a higher dollar amount exchanged, you have a signed document backing you up.
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