|
02-16-2020, 10:17 PM
|
#5
|
Private 
Drives: BMW x7 Ford 250 superduty
Join Date: Sep 2019
Location: Houston
|
Quote:
Originally Posted by WunderbarBimmer
Quote:
Originally Posted by Screwly
Quote:
Originally Posted by WunderbarBimmer
Quote:
Originally Posted by Screwly
Hey guys! I had a question.... I am trying to buy a vehicle in Oklahoma and I live in Texas. I am trading my current vehicle in to the dealership In Oklahoma. I am trying to figure out how much I will owe in taxes since taxes weren't rolled into sales price. Am I taxed on full sales price or sales price minus trade allowance? Loan calculators I have used with numbers input show me owing 2218.00. Dealership tells me I am taxed selling price minus difference in trade and down payment. See my numbers below and see if you can help me. Thanks
Selling price 87500.00
Down payment 1000.00
Trade price 52000.00
Trade in owed 47500.00
Texas sales % 6.25
|
According to the Texas Vehicle Sales Tax Guidebook:
"For retail sales of new and used motor vehicles
involving licensed motor vehicle dealers, the motor
vehicle sales tax is based on the sales price, less any amount given for trade-in vehicle(s) and/or dealer discount"
https://comptroller.texas.gov/taxes/...ons/96-254.pdf |
So would that tax be based off of 87500-52000 or 87500-5500(trade in minus owed+down payment) |
You are taxed on your negotiated sales price minus any rebates/incentives and the value of your trade-in. The down payment amount has no impact on the amount of tax you owe. |
So this isn't right?
|
|
|
|