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Any time you recieve moneys over $1000.00 it is going to be considered earned income. Unless it is non taxable interest from owning shares from a corporation. Also luxory tax might be put into consideration.
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∙ 11y ago
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Do you have to pay sale tax on a car the you still owe and the bank still has the title?
Yes, you have to pay the sales tax when you license the car.
Do you have to pay sales tax when purchasing a used car from a relative in South Carolina?
Yes you have to pay sale tax in California for the used car.
Do you have to pay tax on used car sold to an individual?
The buyer will pay the sales tax when they transfer the car into their name. The seller will pay property tax on the vehicle up untll the day the car is transfered into the buyers name. Transfer the car on the day of the sale.
Do you pay sales tax at point of sale when you buy a car out of state?
10%
How do you account for tax owed for profit from car sale?
Profit on sale of old car comes under capital gain. You can save your tax to purchases a new car with in a year.
Does an individual who sells a used car have to pay taxes on the money collected for the sale of the car?
Legally he has to pay income tax on the net profit from the sale. It is income and therefore is taxable.
Do you pay sales tax on a car from family in Ma?
There is no sales tax on car sale to a parent, spouse, child, brother, or sister in MA.
Do you pay sale tax on a used car from a private owner in the state of Ohio?
You do if you want to register it.
In Pennsylvania does one have to pay sales tax on a car purchased from a private seller?
Yes, a person does have to pay sales tax on a used car purchased from a private seller in Pennsylvania. The amount of tax is 6 percent of the sale price.
If you have owned a classic car for over 10 years and get a profit on the sale with appreciation do you pay tax on the sale?
The purchaser pays the taxes.
What sale tax rate do you pay for A NEW CAR?
In general you pay sales tax in the state where you live, not the state where the car was purchased. Thus, you cannot avoid paying sales tax on a car by going to a no-tax state like Delaware as your state of residence will require the tax to be paid before you can register it.
Do you pay sales tax on a car private party sale in kansas?
If I live in Kansa but buy a car from a private party in Texas, how is sales tax calculated on the vehicle.
