Paying sales tax when you trade straight up for a car? anybody know?
08-10-2008, 08:29 PM
#1
Paying sales tax when you trade straight up for a car? anybody know? Looks like I am trading my WS6 straight up for a car in North Carolina. Anybody know how that will work sales tax wise when I register it here in IL?
Blue book his car is worth alot more than mine, we agreed to an even trade given the massive pile of parts on my WS6 lol. My Dad said he thought they would maybe charge sales tax based on the blue book value of my WS6?
I can't find **** online as usual. Stupid Illinois.
Blue book his car is worth alot more than mine, we agreed to an even trade given the massive pile of parts on my WS6 lol. My Dad said he thought they would maybe charge sales tax based on the blue book value of my WS6?
I can't find **** online as usual. Stupid Illinois.
08-10-2008, 08:35 PM
#2
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I would think you would pay sales tax on the difference between your car's value and his car's value.
A good resource that I use for questions like this, is calling the Currency Exchange, the one on Devon and McCormick has some really knowledgeable people,847 673 3300.
Curious myself keep it updated.
A good resource that I use for questions like this, is calling the Currency Exchange, the one on Devon and McCormick has some really knowledgeable people,847 673 3300.
Curious myself keep it updated.
08-10-2008, 08:47 PM
#3
Yeah I always use this one currency exchange right by my office, they really know their stuff. I'm going to call and ask tomorrow.
Well if that's the case and you are correct then we just sign two bills of sale. One with the real values of the cars and one stating they are the same value. I asked this question when i registered the WS6 and the answer was that they do not cross reference or check that the claimed value/paid price, etc is realistic or accurate in anyway. i.e--nobody cares. Hell I saw an article in the Trib once where the author suggested that trick, asking your seller to if they'd be willing to sign two bills of sale with one of them being a super low price for sales tax purposes. I did that with the WS6, but in IL a car as old as a 98 just gets a flat charge..it was $40. So I didn't end up using the $500 bill of sale I had
Well if that's the case and you are correct then we just sign two bills of sale. One with the real values of the cars and one stating they are the same value. I asked this question when i registered the WS6 and the answer was that they do not cross reference or check that the claimed value/paid price, etc is realistic or accurate in anyway. i.e--nobody cares. Hell I saw an article in the Trib once where the author suggested that trick, asking your seller to if they'd be willing to sign two bills of sale with one of them being a super low price for sales tax purposes. I did that with the WS6, but in IL a car as old as a 98 just gets a flat charge..it was $40. So I didn't end up using the $500 bill of sale I had
08-10-2008, 09:42 PM
#4
I think the sales tax will not apply being basically an out of state sale. This is how it works when we sell transmissions out of state. Also this was a trade so no money changed hands. I know the last time I registered a vehicle things had changed. It use to be what you paid for it and now I believe that it is the year of the vehicle that determines the fees for the title transfer. It's no longer about the value. Vince
08-10-2008, 09:43 PM
#5
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Its a flat rate no matter what... When I regestered my 2000 it was only like 75 bucks... When I regestered the bike, it was close to that. I dont think its gonna be enough for you to even worry about...
So what kinda car you getting?
I was tempted to pick up your WS6 when I heard it was on the chopping block, as to have a his and hers, but I thought **** like that was limited to the RPMWS6 name...
So what kinda car you getting?
I was tempted to pick up your WS6 when I heard it was on the chopping block, as to have a his and hers, but I thought **** like that was limited to the RPMWS6 name...
08-10-2008, 09:50 PM
#6
I found a PDF file with all the info.
The flat rate is for anything under $15k in price. Above $15K bill of sale gets a more expensive one.
2003 model year under $15K is $115 flat fee.
It also says sales tax is still owed when an even trade takes place, it reverts to fair market value of the vehicle. This car blue book's at $14,500 so looks like I'll be paying $115 in sales tax to register it. I'm going to call the currenty exchange anyway tomorrow.
Twizted--its a performance luxury sedan. We still need to work out the logistics of the trade, the car is really far away, Greenville, North Carolina. If I ever stop by anywhere with this one, you'll be calling me big pimpin
The flat rate is for anything under $15k in price. Above $15K bill of sale gets a more expensive one.
2003 model year under $15K is $115 flat fee.
It also says sales tax is still owed when an even trade takes place, it reverts to fair market value of the vehicle. This car blue book's at $14,500 so looks like I'll be paying $115 in sales tax to register it. I'm going to call the currenty exchange anyway tomorrow.
Twizted--its a performance luxury sedan. We still need to work out the logistics of the trade, the car is really far away, Greenville, North Carolina. If I ever stop by anywhere with this one, you'll be calling me big pimpin
08-10-2008, 10:00 PM
#7
ok here's a preview for you. car is triple black. comes with the stock chrome 17" wheels also. its a 2003 Lincoln LS. 280 horse 3.9 liter V8, fully loaded. seats are heated AND cooled, can't wait for that ****. will carry the kids, look nice, and peform pretty well, particularly after i get my hands on it for a little while
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08-10-2008, 10:10 PM
#8
FormerVendor
ok here's a preview for you. car is triple black. comes with the stock chrome 17" wheels also. its a 2003 Lincoln LS. 280 horse 3.9 liter V8, fully loaded. seats are heated AND cooled, can't wait for that ****. will carry the kids, look nice, and peform pretty well, particularly after i get my hands on it for a little while
08-10-2008, 10:21 PM
#10
Mark, car like this is considered mid size performance sedan not full size. its Lincoln's competitor to the 5 series BMW's, etc. Now Ryan will have another vehicle to learn all the random and pointless things about so he has something to talk about if I bring it around. Hmmmmm..what to powdercoat on this thing
Jim you got a lane only if you pop the hood you shady bastard
Jim you got a lane only if you pop the hood you shady bastard
08-11-2008, 02:41 PM
#14
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make up a bill of sale for $1.00 for each car. sometimes they will just make you pay a portion of the value of the car when you go to title it and sometimes they will tax you on what you pay for it, so if it is a dallor it will not be very much... depends on the state. in illinois it is based on the value of the car
08-11-2008, 09:44 PM
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You want a full sized luxury car? Fine. All you bitches can grab a lane with THIS:
