So i have a straight-up trade lined up for the T-rex but don’t want to hold on to the trade vehicle for very long… if at all.
The reason being it will be much easier to liquidate the trade vehicle right now then go through with selling the t-rex.
Anyway…the questions are:
1.) If i do a trade where no money is exchanged is there any way to register it without having to pay sales tax since there is no exchange of money? Bottom line, Paying $4K to NYS for swapping a vehicle blows. Plus, no true value has been placed on the vehicle since it’s a swap.
2.) What’s the deal on a temporary 30day registration?
I believe the law is you have to pay whatever the hell is deemed market value, unless it’s a sale between immediate family in which case it’s tax exempt.
The only workaround would be for him to write something like “blown motor” on the bill of sale to justify a low value. :shrug:
EDIT: Bottom line: You are legally obligated to pay tax on the fair market value of the T-Rex. Anything else is cheating the system. Read section 6 of form DTF-802 for cheating options.
I actually cant answer this with any authority but… the phone number for DMV’s Technical Services is (518)474-5282. You might as well call them and get the correct answer
I heard of a 30 day temporary registration…but that’s it.
I would like to drive the new vehicle for a few weeks then dump it. I can sell it at a bit higher then the market value of the t-rex and the trade vehicle would be much easier to sell.
If i could do this without ever registering it…that would be ideal. Maybe a dealer plate or something.
Idk, I just registered a car that blue booked for around $3,000, was worth around $10,000 and the receipt was signed for $100… They only charged me $8 tax.
Oddly, I have heard the blue book argument before and I thought that was the law going into my most recent titling but was surprised when they only charged me on the receipt value.
The NYSDMV does not issue temporary registrations. The DMV issues an in-transit permit (MV-639ITP) that you can use to move a vehicle from one location in NYS to another location to register it. An in-transit permit is a paper permit that you display in the rear window of the vehicle.
The DMV issues an in-transit permit only for a vehicle that you recently purchased or received. You cannot use an in-transit permit to replace a current registration, a registration that expired within the last year, or to extend a registration. Use the current registration or renew the registration if it expired within the last year.
You cannot renew an in-transit permit. You cannot get a second in-transit permit if the first in-transit permit for your vehicle expires.
There are two types of in-transit permit:
Intrastate In-Transit Permit – The permit is valid for 30 days and allows you to transport a vehicle from one location in NYS to another location in NYS. For example, you need an intrastate in-transit permit if you buy a vehicle from a seller in another part of NYS and you need to transport the vehicle to your home before you register it. The fee is $10.
Interstate In-Transit Permit – The permit is valid for 30 days and allows you to transport a vehicle from New York State to another jurisdiction to register it. For example, you need an interstate in-transit permit if you buy a vehicle in NYS, but you reside in another state or you move to another state, and you plan to register the vehicle in the other state. The fee is $10. http://www.nydmv.state.ny.us/register.htm#temporary
Do this. Drive for 30 days for $10. Sell. Pay no tax. Win.
Everyone cheats the system. It’s not hard, depending on how far you try to stretch it and how much of a giveafuck you get out of the dmv worker. But here’s a clip of the law from the DMV Website:
The seller or donor must complete Section 6 if:
• the motor vehicle is sold below fair market value to a person other than a spouse, parent, child, stepparent, or stepchild
Then if you look at section 6 you have to punch in fair market values. I’m guessing it wouldn’t exactly be hard to convince the dmv worker that a t-rex is a cheap shitty little 3 wheeled motorcycle thing worth $2k. $20 bucks says whoever josh gets at the dmv office has never heard of one anyway.
I got a letter because we bought a really nice subaru with a blown motor and no transmission for dirt cheap. The DMV asked us to prove it, or they were going to charge fair value tax.