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Question on what taxes I pay on new vehicle?


mowin
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You'll pay tax on the sale difference not the whole thing cause you have a trade in. Should only be paying tax on the 10k if I am reading that right. As long as they are moving your debt on it to you new loan and your not paying it off separate first .

Edited by Robhuntandfish
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51 minutes ago, Robhuntandfish said:

You'll pay tax on the sale difference not the whole thing cause you have a trade in. Should only be paying tax on the 10k if I am reading that right. As long as they are moving your debt on it to you new loan and your not paying it off separate first .

Correct rolling the current loan into new loan. 

Edited by mowin
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50 minutes ago, mowin said:

Correct rolling the current loan into new loan. 

Didn't know you could do that. Usually the first loan is paid off and a new loan started. Better check for fine print and hidden fees.

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8 minutes ago, Steve D said:

Didn't know you could do that. Usually the first loan is paid off and a new loan started. Better check for fine print and hidden fees.

I know that the current value of the trade is deducted from the taxes.  Just not sure when.

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3 hours ago, mowin said:

I know that the current value of the trade is deducted from the taxes.  Just not sure when.

 

5 hours ago, mowin said:

Currently I owe 24k... dealer is giving me a trade of 41k.  New rig is 51k.  What do I pay tax on?

You pay tax on the new difference, which I believe will be 34k...the only time the state doesnt get to dbl dip.

Edited by suburbanfarmer
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9 hours ago, Steve D said:

Didn't know you could do that. Usually the first loan is paid off and a new loan started. Better check for fine print and hidden fees.

Should of said the remaining balance of the first loan would be added to the new loan.  Yes the old loan would be paid off. 

New is 51k trade is 41. Leaves a balance of 10k.  Add 10k to what I owe on current loan ,24k, and I'd be financing 34k 

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