do you pay taxes when you sell a used car
For example you may get a 5000 credit for a trade in that you can apply toward a 15000 car. The tax hit from winning a home or car is especially brutal since you have to cough up the entire tax payment in the year you win the prize.
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Alternatively if youre willing to pay a bit more for peace of mind you could buy approved used from a car manufacturers franchised dealer eg you buy a Ford from a Ford dealership.
. If you have an outstanding loan balance and want to sell your car you will need to satisfy the debt obligation with the lien holder. There are several ways to repay a. You will only pay 10000 for your vehicle but the state still taxes you for the full 15000 purchase.
This is the most expensive option but the cars history shouldve already been checked and it will come with a warranty. If you did decide to keep the Dream Homeassuming you.
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