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Sales tax is applied at the point of sale when you make your purchase. They have nothing to do with a loss that occurs at a later time. So if you never paid those sales taxes then you would still owe them.
For example you buy an item and are required to pay the sales tax at the point of sale, Six months later the item is lost or stolen. Your sales tax was already assesed and collected so it has no bearing on your loss nor on your claim and you can not collect the taxes back from your insurer in a claim.
Good try Insur - but the problem is the one asking is - well ignorant and throwing terms around trying to sound not as much so!
Sales Tax is part of the capitialized cost of the item or in some States (and financing options) applied on each payment. In either case it is not "owed", having been paid at purchase by the company one is leasing the item from, or applied to lease payments - which would discontinue at time of loss.
In no case does the any amount owed change or have any influence on the value of what ever it is that is "a loss". The amount lost is the amount of value of the item totaled - whether you paid, what is to be paid makes no difference...just like to the next buyer it would make no difference.
What you owe can make a difference to the amount of equity, gain or loss you end up with. That is the amount of basis you have, or the amount above or below the amount you still owe or paid. So if you owed the tax, like if you owed any amount you borrowed, before the loss, you owe it after...the proceeds of the insurance (or the amount you have to pay off) does not change because you now don't have the item.
What else can I help you with?
Is sales tax owed on leased vehicle declared a total loss in Georgia?
In Georgia, if a leased vehicle is declared a total loss, the sales tax is typically not owed on the insurance payout for the total loss. However, the lessee may still be responsible for any remaining lease obligations, including potential taxes on any payments made prior to the total loss. It's advisable to consult with a tax professional or legal expert for specific situations, as individual circumstances can vary.
Do I have to pay California sales tax when registering a car that was leased in another state?
You pay sales tax to the State in which the vehicle will be registered.
Buyer's Remorse - State of Texas - Leased Car?
The buyers remorse law does not apply to automobile sales or leases. It only applies to unsolicited sales, as in door to door sales, telemarketers, etc.
What is the sales tax on vehicles in Texas?
under 1000 pounds sales tax on vehicle is 3%.
I am an Oklahoma resident who bought a car in Texas They charged me Texas Sales Tax should I get that refunded because I am NOT a Texas resident?
You will not be refunded. If the transaction takes place in Texas, you will pay Texas sales tax appropriate to that county. If a Texan were purchase an auto in Okla, they would pay Okla taxes. Fair is fair. >>>>>>>>>>>>>>>>>>>>>>>>> I was under the impression you only pay sales tax to the state in which you register a vehicle. If the dealer got you an Okla. registration no harm done. If not show the sales tax receipt to the motor vehicle clerk when you register the vehicle or they will charge you tax too, and if they do the dealer had no right to charge you and you should demand a refund. yes u should ======================== The first answer is correct. If you buy a vehicle out of the state you reside, you do have the option to buy the vehicle on a temporary tag and then pay the taxes and register the vehicle when you return home. ++++++++++++++++++++++++++++++++++++++++++++++++++++ If you purchase a vehicle in Texas for use exclusively outside of Texas you are not required to pay Texas motor vehicle sales tax. You must also complete the Texas Motor Vehicle Sales Tax Exemption Certificate. (Texas Administrative Code / Title 34 / Part 1 / Chapter 3 / Subchapter F / Rule §3.90) Basically, if you are a resident of another state and buy a vehicle in Texas, you do not have to pay the 6.25% Texas motor vehicle sales tax.
Do I pay sales tax if buying a car from a private party in Oklahoma but living in Texas?
Yes you pay Texas Sales tax. Texas has passed a new law for private party sales regarding sales tax though, you used to be able to pay tax on what you paid for the vehicle but now you will pay tax based upon the "book" value of the vehicle unless you get a licensed Dealer to give you a written value of the vehicle
Do you pay sales tax on labor in Texas?
Yes. Everything is taxable in Texas. There's no tax on labor to repair a motor vehicle.
What is Texas sales tax title and license for used vehicle from dealer?
what does tax title and license cost on used car in Texas
Can a disposition fee on a leased vehicle be taxed?
Yes, a disposition fee on a leased vehicle can be subject to taxation, typically as part of the overall sales tax on the lease. Depending on the jurisdiction, this fee may be considered a charge related to the lease transaction, thereby making it taxable. It's essential to check local tax regulations to understand how such fees are treated in your area.
When did Texas put a max on the sales tax on cars?
Texas implemented a cap on the sales tax for vehicle purchases in 2016. The legislation set the maximum sales tax at $90 for car sales, which was part of broader tax reform efforts. This change aimed to alleviate the financial burden on consumers when purchasing vehicles. Prior to this cap, the sales tax was calculated as a percentage of the vehicle's purchase price without a limit.
Do you have to pay sales tax when purchasing a used car from a private party in Texas?
Yes, when you transfer the vehicle to your name, you will pay the taxes in the state you register the vehicle in.
In Texas do you have to pay sales tax when purchasing a used car from a private seller in Oregon?
Yes, if you purchase a used car from a private seller in Oregon and then bring it to Texas, you will need to pay sales tax when you register the vehicle in Texas. The sales tax rate is based on the location where you register the car in Texas. However, you will not pay sales tax in Oregon for the private sale, as it generally does not apply. Be sure to check the specific regulations and rates for your local area in Texas.
