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YES. There should be some income taxes paid for the sale of a capital asset by the seller on the 1040 federal income tax return.
And by the buyer some taxes to the DMV when they try to register the unregistered vehicle that they are supposed to have purchased from the seller of the unregistered vehicle.
What else can I help you with?
Do i need to pay tax after selling my car in craiglist?
No, the buyer does, sales tax in some States
Do you have to pay sales tax if you buy a used car from a non-car selling business in Washington?
You will pay the sales tax when you register the car. If the business collects it, they have to give you a receipt for it.
Do you have to pay taxes when selling a car in Canada?
no no you do not. Mexicans will buy it cheaper and they wont charge tax.
How does tax share between buyers and sellers?
The tax is shared by both buyers and sellers when they carry out a transaction. If a seller is selling car, he will have to pay a tax on the income generated while buyer will pay tax on the posession and use of vehicle.
Do you pay sales tax in IL if you sell a car?
no bacause u are selling it if u where buying it u would have to
I live in n.j selling car to person in Canada who pays sales tax.?
Buyer pays sales tax unless the seller agrees to pay the tax as part of the deal.
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 the car tax if you sold your car?
Buyer pays tax.
How can I avoid capital gains tax when selling a car?
To avoid capital gains tax when selling a car, you can consider holding onto the car for at least one year before selling it, as this may qualify you for long-term capital gains tax rates which are typically lower than short-term rates. Additionally, you can explore tax deductions or credits that may apply to the sale of a car, such as if the car was used for business purposes. Consulting with a tax professional can also help you navigate the tax implications of selling a car.
How much tax will I pay if I sell my business?
The amount of tax you will pay when selling your business depends on various factors such as the type of business entity, the selling price, and any applicable deductions or exemptions. It is recommended to consult with a tax professional or accountant to determine the specific tax implications of selling your business.
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.
