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Another Trade Possibility

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  • Ed & Ruth Young
    regarding sales tax problems in the trade of Prius cars, marcustcohn wrote: The most someone would pay would be the tax rate difference (if any) on the
    Message 1 of 5 , Jul 1, 2004
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      regarding sales tax problems in the 'trade' of Prius cars, marcustcohn
      wrote:

      The most someone would pay would be the tax
      rate difference (if any) on the improved value of the car that is the
      upgrade since that in effect is the (yet untaxed) amount of the
      purchase. And, since neither car is new and the used car market is
      somewhat of a fluid entity, even that amount may be reduced.
      But, thanks for the thought.
      =======================
      That isn't the way it would go in Illinois.... the tax would involve the value of the cars on anything that new.
      So, before any trading goes on, I would suggest checking with your states regulations BEFORE you get surprised!

      Ed
    • Woolf, Richard
      ... the ... on, ... surprised! ... I think this might also disqualify someone from receiving the federal tax deduction as well. I think there is a specific
      Message 2 of 5 , Jul 2, 2004
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        > Date: Thu, 01 Jul 2004 19:47:35 -0500
        > From: Ed & Ruth Young <lotusracer@...>
        > Subject: Another Trade Possibility
        >
        > regarding sales tax problems in the 'trade' of Prius cars, marcustcohn

        > wrote:
        >
        > The most someone would pay would be the tax
        > rate difference (if any) on the improved value of the car that is the
        > upgrade since that in effect is the (yet untaxed) amount of the
        > purchase. And, since neither car is new and the used car market is
        > somewhat of a fluid entity, even that amount may be reduced.
        > But, thanks for the thought.
        > =======================

        > That isn't the way it would go in Illinois.... the tax would involve
        the
        > value of the cars on anything that new. So, before any trading goes
        on,
        > I would suggest checking with your states regulations BEFORE you get
        surprised!
        >
        > Ed

        I think this might also disqualify someone from receiving the federal
        tax deduction as well. I think there is a specific length of time that
        the original owner of the car must keep the car to be eligible. This
        would, in effect, be the sale and purchase of used vehicles.

        Just a thought.


        -- Rich, 2001 Aqua Ice Opalescent, Cincinnati, Ohio



        ******************************************************************
        "If you're one of those people who puts solar panels on your house
        or drives a battery powered car, you might as well vote for Gore"
        -- Dick Cheney Oct 3, 2000

        I'd bet his feelings on these issues have not changed in 4 years.
        Per Cheney's advice, Prius owners should vote for Kerry in 2004.
        http://johnkerry.com/
        ******************************************************************
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