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It depends on if they use the actual amount of the sale or the "taxable value" which is when they just go by what it's worth, no matter what it sells for. Call your DMV and ask them how they calculate the tax.
Many, if not all states, will not let this keep them from collecting the sales tax that would have been collected if the car was sold at fair-market value. If the taxing authority feels the amount of the sale is not within an acceptable range for what the car should have sold, it will compute the sales tax owed based on its own assessment. So, no, selling a car for a dollar will not lower the tax.
However, if you can document that the transaction is actually a gift and not a sale, some states will allow the dollar amount to stay. Contact your local taxing authority for more information.
What else can I help you with?
Can you sell a car for a dollar?
If you own the car, you can sell it for whatever you want. You can even give the car as a gift to someone.
Is it legal to sell a car for one dollar?
Of course it is you can sell it as much as you like
What are your options when you are moving overseas and have run out of time to sell your car?
Cut the price to the point that the vehicle will sell. As a last resort you can always sell the vehicle to a Used Car or New Car dealer. Don't expect to get top dollar. You will get wholesale value at best.
Where could you sell used car parts?
You can sell used car parts at a car show/swap meet. Alternatively, you can sell used car parts on craigslist.
How many cars can a private party sell per year in Oklahoma?
You can sell 1 car. If you sell that 2nd car you are considered a used car dealer and required to get a used car dealers license.
How do you get rid of a car once you have signed the contract and your apr is really high?
Sell it to someone else, and pay the difference in what you sell it for and the balance on the loan. Or you could try to refinance the car with another lender at a lower interest rate.Sell it to someone else, and pay the difference in what you sell it for and the balance on the loan. Or you could try to refinance the car with another lender at a lower interest rate.
What can a used car dealer not do?
Sell used bicycles.
Is Dollar Rent a Car cheaper than its competitors?
Dollar Rent A Car does not list lower prices than other companies. Dollar does, however, have a lowest price guarantee. It should be noted, however, that not all car rental companies carry the same models.
Why do car manufacturers offer dealer incentives?
So they will sell more cars. Dealer incentives let the dealer sell a car at a lower price than the competition.
How to make money off junk car?
Sell it to a recycling company. That's right, you can sell them to top junkyard company and they will pay you top dollar for it.
When does a car dealer have to sell a car as used?
After the car has been registered in someones name.
What places sell a C3 Corvette?
There are many dealerships across America that sell C3 Corvette's. One of the best places to buy a C3 Corvette is directly from a Corvette dealership. Many used car dealerships sell C3 Corvettes at a lower price.
