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Selling car - tax implications?
Posted on 6/13/23 at 10:11 am
Posted on 6/13/23 at 10:11 am
I’m selling a car and buying another used.
Vroom offering 26k.
Dealership I’m buying from offering 24.5k.
Do I gain any tax savings by making one sale, selling and buying from the dealership? I’m in Louisiana.
Vroom offering 26k.
Dealership I’m buying from offering 24.5k.
Do I gain any tax savings by making one sale, selling and buying from the dealership? I’m in Louisiana.
2
Posted on 6/13/23 at 10:57 am to Sheepdog1833
You get the sales tax credit from the trade into the dealer. So $2,450 if you're at 10%... depending on where you are.
Posted on 6/13/23 at 11:50 am to Sheepdog1833
quote:If you're trading in at the dealership you're buying from, you save the sales tax.
Do I gain any tax savings by making one sale, selling and buying from the dealership? I’m in Louisiana.
If the new car you're buying is $40,000 and you're offered $24,500 on the trade in then you'd only pay sales tax on the $15,500 difference.
If you sell the car elsewhere, you're paying sales tax on the full $40,000 value of the new car.
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