# Decided to buy something slow. **URL:** \ **Category:** NYSpeed Automotive\ **Created:** [February 28, 2011, 9:34pm UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623 "2011-02-28T21:34:50Z")\ **Posts on this page:** 20\ **Page:** 5
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [March 3, 2011, 4:09pm UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/81 "2011-03-03T16:09:16Z")
Wow you must be an accountant! ---
**Author:** ![sobo](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/sobo/32/5267_2.png) [@sobo](https://forums.speedlife.net/u/sobo)\ **Post date:** [March 3, 2011, 7:16pm UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/82 "2011-03-03T19:16:59Z")
> [@NYstanger](#): > > Well technically you didn’t make money on the car unless you can sell this truck + cash from transaction to be \> cost of e55 correct? Sure, if you want to put it like that? ---
**Author:** ![Penfold](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/penfold/32/5007_2.png) [@Penfold](https://forums.speedlife.net/u/Penfold)\ **Post date:** [March 4, 2011, 8:20am UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/83 "2011-03-04T08:20:35Z")
Don’t forget that the e55 is probably depreciating still while the truck is holding it’s value. ---
**Author:** ![NYstanger](https://avatars.discourse-cdn.com/v4/letter/n/6a8cbe/32.png) [@NYstanger](https://forums.speedlife.net/u/NYstanger)\ **Post date:** [March 4, 2011, 9:54am UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/84 "2011-03-04T09:54:43Z")
> [@sobo](#): > > Sure, if you want to put it like that? IDK if thats the right way to put it hence why I asked it as a question since I don’t know the details of the transaction. I would assume you wouldn’t know that fact until you actually get a cash sale from the truck. But how would you put it? > [@Penfold](#): > > Don’t forget that the e55 is probably depreciating still while the truck is holding it’s value. It can hold its value all it wants. Still gotta find someone willing to pay what its value is. Either way I’m sure you know the resale capability of this truck better than anyone here (since I bet its already posted on some sites for sale lol)so it must have been a worth while trade. :tup: ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [March 4, 2011, 10:01am UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/85 "2011-03-04T10:01:45Z")
sales tax is the mystery unless you’re jumping title… I’m gussing you paid about 1500-2000 in sales tax on the e55. that would mean you’d have to sell for 2000 over what you paid just to break even. you must be pulling sick margins to play this game. ---
**Author:** ![sobo](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/sobo/32/5267_2.png) [@sobo](https://forums.speedlife.net/u/sobo)\ **Post date:** [March 4, 2011, 10:06am UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/86 "2011-03-04T10:06:03Z")
Who said I payed sales tax on either? Lol @ everyone trying to figure out what I paid. Now if I explained to you what the trade was or what I paid / recieved, I wouldn’t be a very good sales person would I. Continue to speculate., Its amusing. Oh, and the truck is not for sale as of now. ---
**Author:** ![BOBBYGRV](https://avatars.discourse-cdn.com/v4/letter/b/ed8c4c/32.png) [@BOBBYGRV](https://forums.speedlife.net/u/BOBBYGRV)\ **Post date:** [March 4, 2011, 10:17am UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/87 "2011-03-04T10:17:04Z")
im just here to reserve my spot on your leg…it seems spots are going very quick… ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [March 4, 2011, 10:22am UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/88 "2011-03-04T10:22:42Z")
> [@sobo](#): > > Who said I payed sales tax on either? I’m just interested in the concept of how you jump cars without the tax hit… I think I read that you are registering all these cars and trucks - how do you do that without paying sales tax? or do you roll on dealer plates? ---
**Author:** ![sobo](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/sobo/32/5267_2.png) [@sobo](https://forums.speedlife.net/u/sobo)\ **Post date:** [March 4, 2011, 11:30am UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/89 "2011-03-04T11:30:43Z")
> [@theblue](#): > > I’m just interested in the concept of how you jump cars without the tax hit… I think I read that you are registering all these cars and trucks - how do you do that without paying sales tax? or do you roll on dealer plates? Well, I received this as a “gift”. I’ve received a few cars this way, and in this case I always have the paperwork notarized. The E55 when I picked it up had some things I wasn’t thrilled with and payed significantly less tax on it that I originally would have. That was Illinois though. Most of the time I just man up and pay the taxes, however what you lose in car registration fee’s is a deductible on income tax so some of that money comes full circle. It all depends on the price of the car. I also do have access to a dealer plate, and license. For a small fee, plus taxes, I can sell cars under a registered dealership that one of my colleagues owns. I’m not pulling any magic tricks off here, nor am I evading taxes. I just budget my self accordingly. Yes, I probably could make more money per car if I was a dealer. However the insurance and license are too expensive at this point to warrant buying one. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [March 4, 2011, 11:54am UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/90 "2011-03-04T11:54:45Z")
LOL at explaining how you evade taxes, then say you’re not evading them. 😃 also, I’m pretty sure you can’t deduct registration costs/taxes in NY – I double checked this when I did my taxes and while some states do it, NY doesn’t. Unless you can show me otherwise, I’d love to amend my return. ---
**Author:** ![LZ1](https://avatars.discourse-cdn.com/v4/letter/l/7ab992/32.png) [@LZ1](https://forums.speedlife.net/u/LZ1)\ **Post date:** [March 4, 2011, 11:57am UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/91 "2011-03-04T11:57:27Z")
You can’t deduct registration… How is gifting the car not evading taxes? ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [March 4, 2011, 11:58am UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/92 "2011-03-04T11:58:41Z")
[http://www.irs.gov/publications/p17/ch22.html](http://www.irs.gov/publications/p17/ch22.html) table 22-1 ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [March 4, 2011, 12:03pm UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/93 "2011-03-04T12:03:14Z")
Even if you could deduct the registration, you’re not gonna get nearly all of it back. ---
**Author:** ![sobo](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/sobo/32/5267_2.png) [@sobo](https://forums.speedlife.net/u/sobo)\ **Post date:** [March 4, 2011, 12:25pm UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/94 "2011-03-04T12:25:27Z")
> [@theblue](#): > > LOL at explaining how you evade taxes, then say you’re not evading them. 😃 > > also, I’m pretty sure you can’t deduct registration costs/taxes in NY – I double checked this when I did my taxes and while some states do it, NY doesn’t. Unless you can show me otherwise, I’d love to amend my return. I pay my taxes so I don’t know how you can say I evade them? Maybe you should re-read what I said. I pay my taxes on every car. > [@LZ](#): > > You can’t deduct registration… > > How is gifting the car not evading taxes? When it’s a gift, then it’s not taxable. Sorry that people love me, and like to give me cars. Like I said, i have received a FEW cars this way, and they were all LEGIT gifts. In PA, a trade and a gift are on the same paper. In NYS they tax you on trades. However, the DMV defaults to the state laws where the paperwork is coming from therefore, it’s not taxed. > [@boardjnky4](#): > > Even if you could deduct the registration, you’re not gonna get nearly all of it back. You can deduct registration, at least I have. It’s just the $150 you spend registering it but it adds up. ---
**Author:** ![Penfold](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/penfold/32/5007_2.png) [@Penfold](https://forums.speedlife.net/u/Penfold)\ **Post date:** [March 4, 2011, 12:31pm UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/95 "2011-03-04T12:31:48Z")
I thought that you only did not have to pay sales tax on the value of a vehicle when it is gifted by a parent. ---
**Author:** ![sobo](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/sobo/32/5267_2.png) [@sobo](https://forums.speedlife.net/u/sobo)\ **Post date:** [March 4, 2011, 12:35pm UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/96 "2011-03-04T12:35:02Z")
Pennsylvania has different rules and the NYS dmv abides by them. AKA: Pennsylvania titles MUST be notarized. If not, NY state will not accept them even though NY state titles do not require notarization. Jesus I’m not posting up new car threads anymore F you all. AUDIT ME! 😛 ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [March 4, 2011, 12:48pm UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/97 "2011-03-04T12:48:04Z")
I don’t know why you bother responding to these people. ---
**Author:** ![ultradriver10000](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ultradriver10000/32/7397_2.png) [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)\ **Post date:** [March 4, 2011, 12:48pm UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/98 "2011-03-04T12:48:30Z")
I love that in Texas you can buy one month registrations for $25 each and the car doesn’t have to be in your name. So nice. ---
**Author:** ![66impalass](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/66impalass/32/7429_2.png) [@66impalass](https://forums.speedlife.net/u/66impalass)\ **Post date:** [March 4, 2011, 1:45pm UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/99 "2011-03-04T13:45:30Z")
> [@ultradriver10000](#): > > I love that in Texas you can buy one month registrations for $25 each and the car doesn’t have to be in your name. So nice. That’s how I got my car from DC… Plus I bought an extension that got me another month, the only thing that sucks is the paper plates that they give you. One fell off the car, the other flew out the window. ---
**Author:** ![Static](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/static/32/7340_2.png) [@Static](https://forums.speedlife.net/u/Static)\ **Post date:** [March 4, 2011, 4:31pm UTC](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623/100 "2011-03-04T16:31:01Z")
Awesome car dude. I love how all your car threads turn into where you get your money from and if all your stuff is legit. Who cares. I thought this was a car forum not an IRS forum [Previous page](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623.md?page=4) [Next page](https://forums.speedlife.net/t/decided-to-buy-something-slow/209623.md?page=6)