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Not in the UK, under new rules effective from October 2014, when you trade in a car any remaining car tax (tax disc) will automatically be refunded to the registered keeper who paid that tax (whole months only), thus not affecting the trade in value.
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If you trade 1 car for another do you pay sales tax?
It varies from state to state. Where I live (Washington State) you pay sales tax on the difference in value between the new car and the trade-in vehicle. Example: New car purchase price $25,000, trade-in car value $10,000; tax is paid on $15,000. It varies from state to state. Where I live (Washington State) you pay sales tax on the difference in value between the new car and the trade-in vehicle. Example: New car purchase price $25,000, trade-in car value $10,000; tax is paid on $15,000.
Do you pay sales tax in new jersey for used car?
Yes, when you register it, the tax is collected by the MVD. If you trade a car in (at dealer) the value of trade in may reduce the amount the taxable sale is calculated on.
If you win a car but don't like the car you won can you trade it in to the dealership immediately for a car you want if so do u still have to pay sales tax on the car u won?
Yes you can trade the car. Yes you will have to pay sales tax and yes you will receive a 1099 tax form for the value of the car just in time for tax season next year.
Where do you pay car sale tax?
Probably the total price you paid for the vehicle - less the value of any trade multiplied by the tax percentage of your state: Example $20,000 vehicle minus $5,000 trade value = $15,000 X 5% = $750.00 tax
Is sales tax on a car purchase price or car value?
Sales tax is on the purchase price not the value.
What is the KY sales tax for new cars?
New car sales tax in Ky is 6%. Trade in value is deducted from the selling price. You pay taxes on the difference.
Do you have to pay tax on a even trade?
Do I pay sales tax on even trade? a motocycle for a boat same value in Massachusetts .
Do you get tax credit on a trade for a used car?
is there a tax credit when trading in your used car when purchasing a new one
Can you trade your car if there is a tax lien against it?
yes
What is the sales tax on cars in Massachusetts?
Sales tax on vehicles in MA is 6.25 percent of the purchase price. If bought from a dealer, the trade-in value of your older car can be deducted from the price. If bought from a private seller, the value would be based upon blue-book, regardless of what you two agreed was the value.
Is there a car donation tax if I donate my car?
There is a car donation tax credit if you donate your old car to an authorized charity. The current deduction value limit is $500.
Do you have to pay sales tax on a used car if you trade it within a week of purchase in Missouri?
== == The operative word here is SALES TAX. Which is collected when a car is SOLD. If you SOLD the car, then sales tax is due on that sale amount.
