Ok need help members. what would you do?
Registered User
Joined: Aug 2004
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take it to the dealer to see how much they will give you for the trade.
put into consideration the amount you'll save from the trade (tax deduction)
and compare it to see if it's more or less then that $1500.
that's your deciding factor
put into consideration the amount you'll save from the trade (tax deduction)
and compare it to see if it's more or less then that $1500.
that's your deciding factor
Registered User
Joined: Dec 2005
Posts: 67
Likes: 0
From: Ryoanji, Kyoto-shi, JP
Originally Posted by jgainnm
There's no tax benefit from a trade. The dealer computes sales tax on the value of the new car and then subtracts the trade in value from that total. I haven't looked at this in detail for a few years, but I doubt that any state today deducts the trade in value from the new car value and then applies sales tax to the difference. The state wants the money.
Found out the hard way when I moved from Colorado to California...
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LokeyInfiniti
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Oct 1, 2005 08:51 AM