Anybody ever trade a car in NY?
11-27-09, 07:32 PM
#1
Driver
Thread Starter
Join Date: Apr 2009
Location: NY
Posts: 104
Likes: 0
Received 0 Likes
on
0 Posts
Anybody ever trade a car in NY?
Hey guys, I am about to trade a car which seems to be the easy part, but do we have to pay taxes? And how do you register it without paying taxes?! I heard we could both say we sold the vehicles for a dollar each, but does the DMV allow that? Please respond if you know. Thanks-
11-27-09, 08:05 PM
#2
it sounds like two different things....
if you are trading it in, you pay the tax on the remaining balance of the new car price... (new car $40k - trade in $10k = tax on $30k)
for a private purchase, people have under reported a purchase price in agreement with the previous owner in order to underpay the tax, but it's illegal.
if you are trading it in, you pay the tax on the remaining balance of the new car price... (new car $40k - trade in $10k = tax on $30k)
for a private purchase, people have under reported a purchase price in agreement with the previous owner in order to underpay the tax, but it's illegal.
11-27-09, 08:13 PM
#3
Driver
Thread Starter
Join Date: Apr 2009
Location: NY
Posts: 104
Likes: 0
Received 0 Likes
on
0 Posts
Hey, nah, I'm talking about private, a car for a car. Yeah, I heard about people saying that they just put down that the value is a dollar or that they purchased the car for a dollar and then are taxed on just that, but how do you not get caught there?
11-28-09, 06:09 AM
#4
personally, i'd rather commit murder than tax fraud, but the forms i've used before needed reasons why the purchase price is lower than the book value... (extensive damage, work performed in exchange for discount, etc) you might be better off goggling it because this thread will get locked if people post how to break the law.
Last edited by malujerry; 11-29-09 at 05:12 PM.
Thread
Thread Starter
Forum
Replies
Last Post
