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Posted on 3/4/26 at 6:06 pm to SludgeFactory
Unclear on this comment.
Obviously, he loses the trade tax benefit.
No tax liability is owed on the sale of the used vehicle unless he sold it for more than he originally paid for the vehicle.
Obviously, he loses the trade tax benefit.
No tax liability is owed on the sale of the used vehicle unless he sold it for more than he originally paid for the vehicle.
Posted on 3/4/26 at 6:07 pm to Motorboat
quote:
In your scenario, if he sold the car for $20k to a private seller instead of a trade, what taxes does he owe?
Assuming 5% LA state sales tax on vehicles and ignoring city/local taxes: $2,500 vs $1,500
So if he sold the car for $1,000 or more than the dealer offered for trade-in its a win, if not its a loss.
There are non-tangible reasons to dump it on a dealer, such as not having to deal with multiple people trying to wear you down or who aren't really interested for whatever reason.
Posted on 3/4/26 at 6:10 pm to doublecutter
quote:
they handed me a check, called me a Lyft to get back home
I asked them about this yesterday and they told me they didn’t do that so I had to pay $16 to get back home
Posted on 3/4/26 at 6:16 pm to Chucktown_Badger
Also it’s kinda shitty to pay taxes when you buy a $50k car and then pay taxes on whatever portion of that you’re able to recoup by selling it as “profit”
It ain’t profit, it’s reducing the purchase price after the fact.
It ain’t profit, it’s reducing the purchase price after the fact.
This post was edited on 3/4/26 at 6:17 pm
Posted on 3/4/26 at 6:17 pm to Chucktown_Badger
quote:
they handed me a check, called me a Lyft to get back home
He didn't say they paid, and mine doesn't do anything to accommodate your transportation and takes at a minimum an hour.
They have to inspect your vehicle to make sure there aren't any mechanical issues you didn't disclose - this has actually been 15-20 minutes in my experience.
Then they confirm the price and cut a check - this has taken no less than 30 minutes and up to 45 the three times I have done this.
Then they tell me to GTFO unless I am buying something from them.
Posted on 3/4/26 at 6:18 pm to Motorboat
If the dealership would agree to do an “in & out” transaction, and both parties were there at same time, he could still get the trade tax credit. If not, he would pay taxes on the purchase price…
Posted on 3/4/26 at 6:19 pm to Adajax
Carmax will courtesy trade at dealership. I walked in with offer from carmax and told them we could wait until they were available to come over for the trade. The dealership wrote up the trade for the carmax amount to get the deal done.
Posted on 3/4/26 at 6:21 pm to Chucktown_Badger
quote:
Also it’s kinda shitty to pay taxes when you buy a $50k car and then pay taxes on whatever portion of that you’re able to recoup by selling it as “profit”
It ain’t profit, it’s reducing the purchase price after the fact.
You don't pay any taxes if you sell a car for less than you bought it for anywhere, ever.
You pay taxes on new car purchase based on purchase price - trade-in price. If you sell to Carmax or individual you don't get the trade-in offset, but may sell at more than the trade-in offer and you have to deal with society.
This post was edited on 3/4/26 at 6:22 pm
Posted on 3/4/26 at 6:39 pm to Chucktown_Badger
quote:
just sold my car to carmax yesterday. I was really happy with their offer as well and the process was easy.
West Ashley?
Posted on 3/4/26 at 6:49 pm to GatorPA84
quote:
GatorPA84
PNW
Member since Sep 2016
6135 posts
quote:Illiterate, jorts-wearing preverts.
I spread my cheeks raw and masterbate in a carmax bathroom once
Post less, Ocala?
Posted on 3/4/26 at 7:13 pm to soccerfüt
This is a weird place
Posted on 3/4/26 at 8:16 pm to yellowfin
Yeah I was wondering if you could just settle up with the state when you do your taxes if you sold to Carmax and purchased the new vehicle from a dealership.
But I looked it up, and no. Only allowed to deduct the sale cost of your old vehicle if you trade it in at the same dealership. Sounds stupid, but can’t complain..at least we’re getting some sort of tax relief.
But I looked it up, and no. Only allowed to deduct the sale cost of your old vehicle if you trade it in at the same dealership. Sounds stupid, but can’t complain..at least we’re getting some sort of tax relief.
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