Rip-Off

[benny]

Why would you want to report the sale (pay taxes) on a private vehicle....Sammy gets enough

[95gts]

If you report the sale, you get your tax money back, just like when you trade in a car, buy a new car 20000 bucks, trade in 10,000, you only pay taxes on 10,000 not the whole amount so you save cash, can't be taxed twice, sale/trade. You can claim a car you sell and get you taxes back, just what my accountant told me.

[65cuda]

you know how many times a car gets taxed when it changes hands, its highway robbery, the two receit method works well

[blackcadillac]

Is your two recipt method the one i know.....1 for the real sale and 1 for the dmv?

[95gts]

has anyone ever claimed a car, she told me about it and waiting to file taxes. Maybe I wrong but she suggested it last year?

[swi66]

The state makes the rules, we keep electing the same people. That means we accept what they do. Their job is to get us to cough up enough tax money to keep them in pork and patronage.
Yeah, everytime you sell a car you pay sales tax. To NY it means the transfer of ownership of tangible property. That also means you are supposed to collect sales tax on any car parts you sell even if it goes out of state.
I'm sure everyone here keeps track of all their out of state purchases, via catalog, or internet, or even while travelling out of state, and that includes purchases on an Indian Reservation as that is also out of state. And then claim this when you file your state taxes.......
If you don't keep track, the state even helps you out by giving you a handy guideline based on their estimate and your annual income..........aren't they great!

[benny]

If You claim the sale for taxes, it is considred income and I wouldn't care to pay state and fed taxes on a 15k car.

[95gts]

I tell you more after i file, my tax lady told me to keep it and I get money back. Every thing is different to everyone in tax season. What they tax, look at this if you havn't read it.

When Oprah Winfrey gave away 276 cars last week to the audience of her show, images of people laughing, jumping, crying -- some hysterically -- filled the airwaves and the giveaway became stuff of legend. Late night talk show hosts and newspaper columnists are still talking about it.

But now some of those eager prizewinners have a choice: Fork over $7,000 or give up the car.

According to a spokeswomen for Harpo Productions Inc., Oprah's company, the recipients must pay a tax on the winnings, just like any prize.

For a brand new Pontiac G-Six, the model given away on the show, the sticker price is $28,500. The $28,500 would need to be claimed as income so, depending on the individuals tax bracket, the tax could be as high as $7,000. And that was after Pontiac agreed to pay most of the local charges, including state sales tax and licensing fees.

The Harpo Spokeswomen said winners had three choices. They could keep the car and pay the tax, sell the car and pay the tax with the profits or forfeit the car.

[95gts]

funny stuff that opera does

[benny]

Yes.. I agree with the above but again, why would you report the sale of your car only to have to pay taxes on it??? It's income. I don't know how You can report a sale like this and then get money back. Sammy don't wok that way.

[95gts]

ok just going off what she said, shje made it sound that you paid the taxes on the car, after selling it you can claim a refund of the sale amount, get you tax money that somebody else is going to pay to the state when they get it registered. Sounds good, like when you trade in a car, you only pay tax on the amount you owe, minus your trade in. So you don't pay tax twice, maybe I am wrong, but we find out soon, she very good and made it out as you get the tax money back. If you spend money that was taxes on a product, and then sell it is it condidered income? You already paid tax on it, unless your investment made more which would be capital gains tax, ohh we find out, let a pencil pusher figure it out lol.

[65cuda]

It works on paper!!!!!!

[benny]

Maybe what she meant was you subtract what you paid for the car from the sale price (if you get more than paid) and pay taxes on that amount. I'm sure somthing she said was misunderstood. Being in a few business's over the past 40 years, I have never heard of what You are trying to explain.

[65cuda]

maybe confusing tax with intrest??

[95gts]

I will find out more and post, I don't do taxes, I make money and try to get back as much as I can. It wasn't interest but a refund on tax, she told me last year when i sold the car that she could do something with it, thats all i know.

[swi66]

Awhile back a Rochester radio station I listen to was talking to the people who do that "Extreme home makeover" show.
The question arose about income tax......................

That ended the interview immediately.

Wonder why?

[blackcadillac]

The cadillac sold and will be picked up tomorrow morning, the buyer used DAS offered on ebay, do i give them all the paperwork or do i mail it seprately? This will be my last question.........for this topic!

[65cuda]

never used DAS I don`t know if they need the paper work, maybe they do in case they get pulled over by the troopers and get questioned about who owns the car.

[blackcadillac]

Me and my dad thought the same thing, be funny to hear that conversation.

[benny]

DAs is a shipping agent ?? If so, Get a receipt for the car AND papers. Ask the buyer how He wants it handled and keep the e-mail,response in case needed later. He may want the paper sent separately,the shipper does not need them for any reason. You can give the shipper a copy of the registration if needed, but they already will have that info before arrival.