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When you sell the car, BMW will only charge a (archive)

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Posted by CNYN RNR on February 27, 2001 at 09:44:39:

In Reply to: Need Advice: Private Party Car Sale posted by Jayhox on February 27, 2001 at 09:22:39:

tax on the money owed. Theoretically you do owe the Fed Gov't if you made a profit on the transaction, but this profit is part of your total income for 2001, and not due until April 15/2002. Realistically, there is no proof of your profit, no papers filed, so it becomes a moral issue. When you buy the car from an individual, you will pay a Sales Tax to the State that you register the car in at the time of registration. This tax will be based on the price listed on the Bill of Sale, so there could be some room for creativeness here. Do NOT pay the seller any sales tax if he asks for it. There is no federal tax on this transaction.


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