When you register a car that you traded for, should the bill of sale say a price value or say the car was traded for another car? I dont want to pay taxes on a car I didnt pay for but Ive never traded for a car before and im just making sure im doing this right. Any additional info helps too! Thanks
i’m pretty sure you can go to the dmv they’ll file it under a gift since it was a trade. so long as the cars have similar value. when i sold one of my talons, way back when, i actually traded it for a suv and i don’t think i paid taxes on it because it was a trade.
Thanks Bob
if you dont put a price, you will pay tax on blue book.
The dmv always gets thier cut.
^thats what I heard too, unless it’s a family member. If it’s an older car, better to put a really low value on the receipt than pay taxes on the blue book.
Yea, just write up a generic receipt like ‘95 ford(VIN) sold to theKID for $400’ and pay the tax on that. Easiest way to do it.
+2
just write out your receipts like you bought each others cars, trust me lol ive trade a few cars in my day haha.
Ya but dont get too greedy. If they suspect something is up they can ding you with the BB value.