# Taxes on trades

**URL:** <https://forums.speedlife.net/t/taxes-on-trades/265511>\
**Category:** Shift518 Automotive\
**Created:** [November 16, 2012, 4:39pm UTC](https://forums.speedlife.net/t/taxes-on-trades/265511 "2012-11-16T16:39:34Z")\
**Posts on this page:** 7\
**Page:** 2

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**Author:** ![KrazyKid](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/krazykid/32/6371_2.png) [@KrazyKid](https://forums.speedlife.net/u/KrazyKid)\
**Post date:** [November 19, 2012, 12:48pm UTC](https://forums.speedlife.net/t/taxes-on-trades/265511/21 "2012-11-19T12:48:06Z")

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> [@Oasis24-7's bike was just stolen](https://forums.speedlife.net/t/oasis24-7s-bike-was-just-stolen/50759/75):
>
> DMV questioned the sale of my Viper when I sold my Viper for “20K” in 2004. I had to verify via additional paperwork that ‘the engine was blown’.

I know it can happen. Your sining a legal government documents when you check the box for at or below fair market value. So you better be able to back it up when they call your bluff!

but then again, a sales recipt private party to private part saying “I am selling my RX7 VIN XXXXXXXXXXX for $1000 as is (blow up motor) to so and so” I would assume would cover that bluff if they asked why it was so cheap

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**Author:** ![TurboTravis](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/turbotravis/32/6406_2.png) [@TurboTravis](https://forums.speedlife.net/u/TurboTravis)\
**Post date:** [November 19, 2012, 1:02pm UTC](https://forums.speedlife.net/t/taxes-on-trades/265511/22 "2012-11-19T13:02:27Z")

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Bills Of Sale also need to be notarized to mean anything.

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**Author:** ![GermanPSI](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/germanpsi/32/6353_2.png) [@GermanPSI](https://forums.speedlife.net/u/GermanPSI)\
**Post date:** [November 19, 2012, 5:10pm UTC](https://forums.speedlife.net/t/taxes-on-trades/265511/23 "2012-11-19T17:10:07Z")

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Think its best to gift him the rx7 and he gifts you the m3

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**Author:** ![ds50r](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ds50r/32/3491_2.png) [@ds50r](https://forums.speedlife.net/u/ds50r)\
**Post date:** [November 19, 2012, 8:24pm UTC](https://forums.speedlife.net/t/taxes-on-trades/265511/24 "2012-11-19T20:24:39Z")

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Sign both cars over to me and I’ll take care of the regi 🙂

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**Author:** ![JSEnclosures](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jsenclosures/32/6678_2.png) [@JSEnclosures](https://forums.speedlife.net/u/JSEnclosures)\
**Post date:** [November 20, 2012, 7:28am UTC](https://forums.speedlife.net/t/taxes-on-trades/265511/25 "2012-11-20T07:28:33Z")

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> [@RIP, another biker down and out...](https://forums.speedlife.net/t/rip-another-biker-down-and-out/51115/8):
>
> Think its best to gift him the rx7 and he gifts you the m3

don’t you have to pay tax on a gift unless it’s family?

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**Author:** ![JSEnclosures](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jsenclosures/32/6678_2.png) [@JSEnclosures](https://forums.speedlife.net/u/JSEnclosures)\
**Post date:** [November 20, 2012, 7:30am UTC](https://forums.speedlife.net/t/taxes-on-trades/265511/26 "2012-11-20T07:30:25Z")

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i sold my truck to a guy in vt, he was telling me they have to pay tax on nada value, no exceptions, that really sucks

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**Author:** ![Criscone24](https://avatars.discourse-cdn.com/v4/letter/c/7993a0/32.png) [@Criscone24](https://forums.speedlife.net/u/Criscone24)\
**Post date:** [November 22, 2012, 5:04pm UTC](https://forums.speedlife.net/t/taxes-on-trades/265511/27 "2012-11-22T17:04:59Z")

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CT is also nada value. Sucks! As for this case, just write it as a gift from “cousin”. Done deal.

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