I am buying an M3 in Missouri and want to know if I have to pay taxes on it? It's from a private seller.

Anyone have experience? I've only ever bought cars (7) in Florida apparently!

Thanks!

 

I dont know what the sales tax law is in Florida, but I know for New Jersey, when I bought a car out of state, I paid tax when I had it registered. So if Florida has sales tax, you will probably be paying it.

 

You should only have to pay taxes when you register in your name and home state.

I just bought my car this year in NC and it was true for me then.

 

when you register it, you will pay taxes.

 

so should i go the shady route and have the sale price written lower so i can give less to the government?

 

^^^^ yes thats what i would do!

 

have done or would do? need some concrete advice, don't want to cause any trouble.

 

just make sure the original owner is okay with that. if you put a super cheap price on the title when you register it, they usually send a letter a few months later that needs to be signed by both the buyer and seller stating that the price on the title is correct. other than that you're golden.

congrats on the purchase, but if you're looking for a local m3 one of my buddies is selling his black 02 SMG hardtop for a pretty good deal.

 

A friend of mine purchased an old Bimmer this way - the sale price was considered one transaction and "extras" were a separate transaction not associated with the sale price of the car itself. Technically the state should only tax the car's value anyhow.

It's a loophole for sure, but I wouldn't put anything too outrageous for the price.

As far as paying taxes, I purchased my car in VA and paid MD taxes as part of its MD registration.

 

you do have to pay sales tax on the sale, 7% in florida. that is when you go register the vehicle. it was already stated, but if the seller and the buyer (you) agree on a reasonable amount to write on the title, it should not a problem or issue so you pay less to "the man".

 

well i think i will ask him to put the car was sold for 20k then.. maybe 18k if i am feeling frisky.

 

I HAVE A FRIEND... who bought a car cash from someone and put down on the title TRADE... as in traded his car for hers, and never had to pay taxes on it...

MY FRIEND... has done this with the last 3 vehicles he's bought and works every time...

BTW, turbomaxima, any more pics of the vehicle in your avatar?

 

I was always wondering about vehicle trades... do you really not pay any sales tax on the trade? That's pretty dope.

 

Check before you buy. I think the State of Florida implemented a new law recently similiar to the old impact tax. It was mentioned to me when I renewed my insurance and had to have my car inspected a a state site. Due to the significant increase in fraudulent claims in Florida changes were made. I don't know all the details as my car was purchased here but I heard there were issues with auction houses buying cars from out of state. I assume it would apply to any vehicle. Check it out before you buy so you know what it will cost in additional fees when you register it. Yout insurance agent should be able to give you some insight.

 

Where it says sale price, just put trade. Doesn't matter what you traded.

My father is a mechanic and there was a guy with 2 broke down cars, he said he'd give him 1 of the cars for getting the other one working. Dad spent $1000 to get BOTH cars working, and kept one for himself. He put trade on the title because he traded out work for the car...