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  1. #1
    Join Date
    Oct 2009
    Location
    Blackstock Ont. Canada
    Posts
    440

    Default Tax Laws in the States???

    Can anyone tell me what the tax laws are in their state for trading vehicles?? I have a person here in Ontario that wants to make a trade on my 64 Catalina, but on checking with lic. office, they tell me I'll have to get the "new" car appraised & pay the tax on that value, even though no money changes hands. I think this deal just went in the toilet, as I'm not about to pay taxes on a 18 grand car when no money was involved!!!!!
    Sometimes I wake up grumpy. But today I let her sleep in!!!

  2. #2
    Join Date
    Oct 2008
    Location
    Portland In
    Posts
    781

    Default

    Signed clear title, trip to the license branch, pay on the value of the Bill of Sale or if it was an even trade technically there's no tax owed.

    Mike
    Last edited by Mike Nixon; January 21st, 2010 at 16:58.

  3. #3
    Join Date
    Oct 2009
    Location
    Blackstock Ont. Canada
    Posts
    440

    Default

    Quote Originally Posted by Mike Nixon View Post
    Signed clear title, trip to the license branch, pay on the value of the Bill of Sale or if it was an even trade technically there's no tax owed.

    Mike
    Thanks Mike, up here, if the cars not in the "book" they want an appraisal & if it is in the book, they take the higher value, either bill of sale or book value, so a low bill of sale is useless. You get screwed no matter what, without the kiss!!!!
    Sometimes I wake up grumpy. But today I let her sleep in!!!

  4. #4

    Default tax laws

    It has been a while since I bought a different vehicle, but in Illinois, for a private party used car, when I last did, you paid $25 tax, period. If you did the deal through a dealer, he collected sales tax on the difference between what he gave you for your trade, and what he charged for the car.

  5. #5
    Join Date
    Oct 2009
    Location
    Blackstock Ont. Canada
    Posts
    440

    Default

    Thanks guys for the info so far, our taxes are getting out of hand here. Our Prov. tax is 8% & there are a many things exempt, as of July this yr. Prov. tax & Federal tax will be combined at 13% with hardly any exemptions [HST. haromonized tax] will be charged on ,gas, home heating, haircuts, funerals, cable tv, any services etc. The list keeps going. I was hoping to do this trade but at 8% on 18grand I might as well go to B-J auction & throw money away & after this July at 13% [they are talking about possible increase to 14% ] I can see the hobby market die, as well as not being able to drive much this summer with gas going up, due to new tax on top of existing tax + everything else is going up with it. Gov says it's better for business to collect one tax, at one source, & tax everything [ with very few exemptions] we are averaging 96c to 99 c per ltr. for gas now, that's almost $4:50 a gal. for reg. & it always goes up the first long wknd. of spring & stays high all summer. So, if I don't sell car before July, I think the classic or Hobby car sales here in Ontario will be Done, as well as a lot of other things will go "underground" to protest this tax gouge & the gov. won't get a nickel!!!!!
    Sometimes I wake up grumpy. But today I let her sleep in!!!

  6. #6

    Default

    Here in Michigan you pay 6% sales tax on the purchase price of the car. In a case like yours I think they'd base it on the value of the car you traded, since it was an even up trade.
    1999 Mecham Trans Am
    1998 Firebird W68 conv
    1994 Trans Am conv
    1989 Trans Am
    1984 Trans Am

    www.wmpontiac.com

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