Taxes on trades

[TurboTravis]

@KrazyKid

yeah its not like your registering a F430 for $1000. Check the box for paid less than fair mkt valve, fill out section 6 and be on your way. They can question it, but they never do. The people behind the counter are not “car” people, they wont know what its worth. and how would you be able to prove it anyway? DMV going to come to your house and inspect the car??

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’.