Will I be taxed on a car purchase?

[rajiv1998]

Will I have to pay the 7% tax if I buy a used car from a private party? I am asking because I dont see how it will be taxed? Also, if I write a cheque for 20k, does any one know how long it will take to clear? My mom says it will clear within 24 hours.

[bigrondownhiller]

You should pay tax when you register the vehicle. If you buy it from a private seller you can have them write a bill of sale for a little less, dont go crazy.

[blackSS01]

I always go crazy as long as the other party agrees. If they ask, say you bought the body with no motor or trans They won't know the difference. Just don't go under $50.

[DrMilhouse]

you can write the bill of sale for less if you want, it's something you have to kind of agree with the buyer for.

You could write the bill of sale as something for $1000 - as is, not running to get off the radar about it. After all, it's not running when you make the transaction typically. You have to turn it on to make that happen.

The other $19,000 could be factored in as a gift to the guy. I'm not sure about tax on a gift.

7% tax on $1000 = $70

7% tax on $20,000 = $1400

Or... your $20,000 car could cost you $20,070 or $21,400.

Gotta love it. By the way, this is one tax I really don't mind not paying. The car was taxed in full when it was purchased new. There's no need to keep taxing the same item over and over and over and over.

[SHines-IT]

I usually just cut it in half.

[FasstChevys]

Yes, you'll be taxed when you register it. I agree with the good Dr........the stupid thing has already had the tax paid on it once it left the dealership. I'd tell them I paid 9K for it, and be done with it.

[rajiv1998]

God damn government. Its things like this that fuck ppl over. But if the bill of sale shows 10k and I ended up paying 20k, if there is a problem for some reason I cant sue him for 20k right cuz I have it in writing that I paid 10. I really hate taxes, no wonder all the fucking investment bankers make so much $$

[krese]

in MY state if you report the sale price to the DMV too far under book they send an auditor out to look at the car or they won't register it.

[SHines-IT]

Just steal a car then ditch it, then steal one the next day. What's the worse that can go wrong?

[wheeliE-maxx]

In tejas you can write in whatever value you want for what you bought one for

[rajiv1998]

I dont think it will work guys for one simple reason.....

Lets say I go to the bank an get a cheque for 20k. Now when I hand it to the seller and it clears wouldnt the bank/DMV know I bought the car for 20k and not 10 (if the bill of sale says 10k on it)??

Even if I take 20k cash or 10k cheque and 10k cash, the fed will still be notified. Wouldnt you think they would find it funny that I took out 20k and bought a car for only 10k?

I could see this happening if I give him 10k cash and 10k in a form of cheque. Because now I wrote a cheque for 10k and not 20. The remaining 10k will not be accounted for. I could be wrong though.

I just dont wanna spend an extra 1500 on taxes. Hell I could have a posi race port, new pulleys, injectors and a tune.

[FSANE]

in MY state if you report the sale price to the DMV too far under book they send an auditor out to look at the car or they won't register it.

yeah NY is fucked up.

half the purchase price would sound fair and sold as is quote will work.

[Y2KPewterSS]

in MY state if you report the sale price to the DMV too far under book they send an auditor out to look at the car or they won't register it.

In Oklahoma, they now use the book value of the vehicle. It doesn't matter what you paid for it.

[86 IROC-Z]

in MY state if you report the sale price to the DMV too far under book they send an auditor out to look at the car or they won't register it.

In Oklahoma, they now use the book value of the vehicle. It doesn't matter what you paid for it.

These fuckers are being bastards with their stupid taxes.

[Nhra Firebird]

In Oklahoma, they now use the book value of the vehicle. It doesn't matter what you paid for it.

That is a bunch of shit.

[Y2KPewterSS]

That is a bunch of shit.

Pretty much what I thought when I bought my last 2 beaters. Pissed me off, but what can you do about it.

[FasstChevys]

I dont think it will work guys for one simple reason.....

Lets say I go to the bank an get a cheque for 20k. Now when I hand it to the seller and it clears wouldnt the bank/DMV know I bought the car for 20k and not 10 (if the bill of sale says 10k on it)??

Even if I take 20k cash or 10k cheque and 10k cash, the fed will still be notified. Wouldnt you think they would find it funny that I took out 20k and bought a car for only 10k?

I could see this happening if I give him 10k cash and 10k in a form of cheque. Because now I wrote a cheque for 10k and not 20. The remaining 10k will not be accounted for. I could be wrong though.

I just dont wanna spend an extra 1500 on taxes. Hell I could have a posi race port, new pulleys, injectors and a tune.

The bank would know, but why would the DMV? Are you required to show them the bill of sale? Here, you are not, all you need is the signed title.

[Smkn_TA]

I was a little nervous when paying taxes...lady kept saying how good of a deal it was. lmao. Next time add a little more :/

[SHines-IT]

What did you buy?

[FSANE]

What did you buy?

terminator