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Inherited classic car - do you have to pay taxes when car is sold?
No
Do you have to pay income on money you inherited from your great aunt?
You don't have to pay income tax on money. You may have to pay income tax if you receive property that has increased in value since your aunt died. You would pay tax on the profit when you sell it. You may have to pay income tax when you take withdrawals from a tax-deferred account you inherited from your aunt (such as a traditional IRA or 401k). You may have to pay income tax on the interest from US Savings Bonds you inherited. Some states impose an inheritance tax (which is different from an income tax). You may have to pay an inheritance tax. If the estate failed to pay any tax that might be due before distributing property to you, the IRS may come looking to you to recover some of the property.
Do you have to pay the car tax if you sold your car?
Buyer pays tax.
Do you have to pay sales tax if you buy out a lease car?
Yes, you do have to pay sales tax - it's like purchasing a second hand car. You still pay sales tax
Do you have to pay state tax in New Jersey buying a car from an individual?
Yes, you pay tax, but not to the individual unless he has a dealer's license. Normally you will pay the tax when you register the car in your name. They will ask how much you paid for the car and the tax is based on that.
Do you pay tax if you live in the Republic of Ireland but buy a car in England?
If you are bringing the car back to Ireland then you will have to pay tax on it.
Do used car dealers pay sales tax and license when they buy wholesale?
They are a reseller and do not pay tax when they purchase a car.
Do i have to pay sales tax if I buy a car out of state?
You pay the sales tax for the state in which you're going to register your car.
Do you have to claim money on your tax return that you inherited?
If you just inherited a bag full of money, no. If you inherited a tax deferred account like an IRA, 401k, or pension, you may have to pay tax when you take the money out. If you inherited property such as a house or stocks, you may have to pay taxes on the growth in value between the date of death and the date you sold the property. If you inherit US Savings Bonds, you may have to pay tax on the interest when you cash them in, including interest earned during the life of the deceased if the deceased was not declaring the interest annually on his or her taxes.
What tax do you pay if you buy a car in PA and live in NJ?
You pay NJ tax.
Do you pay sales tax when purchasing a used car in Minnesota when the car is being shipped to Kentucky?
YES ... You must pay the tax's from were the car was brought from ...
How do you sell an inherited car without the pink slip?
You can sell an inherited car without the pink slip by getting proof from the DMV that you own the car. The County Tax office can also verify that you own the car.
