Registration question?
Drifting
Joined: May 2004
Posts: 1,941
Likes: 1
From: Central CA
if you must "fudge" the sales price, do it wisely...
Look at the low book value of the car, then knock off about 1-2k... you will be safe... that way, if the dmv asks, you can just say there was damage or it was a forced sale.. but NOBODY would sell a 32k car for 5k.. they might sell it for 25k, or or...
in CA, average tax being about 8%... at 32k would be $2560, at $25k, ( a reasonable price), would be $2000, saving you $560..
and by the by.. I agree on the BS "taxing over and over" crap they pull.. thats like buying a used TV out of the news paper, and having to pay tax for it again, and then if you sell it at a garage sale the next year, the new owner having to pay taxes on it again!
Look at the low book value of the car, then knock off about 1-2k... you will be safe... that way, if the dmv asks, you can just say there was damage or it was a forced sale.. but NOBODY would sell a 32k car for 5k.. they might sell it for 25k, or or...
in CA, average tax being about 8%... at 32k would be $2560, at $25k, ( a reasonable price), would be $2000, saving you $560..
and by the by.. I agree on the BS "taxing over and over" crap they pull.. thats like buying a used TV out of the news paper, and having to pay tax for it again, and then if you sell it at a garage sale the next year, the new owner having to pay taxes on it again!
Pro
Joined: Aug 2004
Posts: 740
Likes: 149
From: Eastside WA
Originally Posted by Robert R1
... When I complain about something obviously unfair, don't give me the "holier than thou" crap... all of us, trying to "screw" them over.
And on the brightness scale, posting an expected criminal act is not too high. With thousands of CF subcribers, I'm sure there are some CHP and DMV employees. How hard will it be for them to look at newly registered 2002 Z06s and figure out which one is yours? The $ you may save on sales tax won't even cover your attorney fees and wage loss. And a felony on the record always looks good to future employers.
Good luck.
Thread Starter
Burning Brakes
Joined: Jul 2005
Posts: 962
Likes: 187
Originally Posted by C5 Dawg
That's why its called a SALES tax, which is actually very fair. If a person doesn't want to pay it, they can skip the expensive purchases.
Good luck.
Good luck.
I feel the same way about selling a car to someone. I don't think it's right that they pay sales tax on a vehicle that I've already paid on, when the car was at it's maximum value. Sales tax on the initial purchase is just fine with me.
Instructor
Joined: Feb 2003
Posts: 193
Likes: 0
From: Parker CO
Originally Posted by sandmanusd
if you must "fudge" the sales price, do it wisely...
Look at the low book value of the car, then knock off about 1-2k... you will be safe... that way, if the dmv asks, you can just say there was damage or it was a forced sale.. but NOBODY would sell a 32k car for 5k.. they might sell it for 25k, or or...
in CA, average tax being about 8%... at 32k would be $2560, at $25k, ( a reasonable price), would be $2000, saving you $560..
and by the by.. I agree on the BS "taxing over and over" crap they pull.. thats like buying a used TV out of the news paper, and having to pay tax for it again, and then if you sell it at a garage sale the next year, the new owner having to pay taxes on it again!
Look at the low book value of the car, then knock off about 1-2k... you will be safe... that way, if the dmv asks, you can just say there was damage or it was a forced sale.. but NOBODY would sell a 32k car for 5k.. they might sell it for 25k, or or...
in CA, average tax being about 8%... at 32k would be $2560, at $25k, ( a reasonable price), would be $2000, saving you $560..
and by the by.. I agree on the BS "taxing over and over" crap they pull.. thats like buying a used TV out of the news paper, and having to pay tax for it again, and then if you sell it at a garage sale the next year, the new owner having to pay taxes on it again!
1-2K below low book and you'll be fine
Pro
Joined: Aug 2004
Posts: 740
Likes: 149
From: Eastside WA
Originally Posted by Robert R1
I feel the same way about selling a car to someone. I don't think it's right that they pay sales tax on a vehicle that I've already paid on, when the car was at it's maximum value. Sales tax on the initial purchase is just fine with me.
By the way, how well do you know the seller? If the car does have a hidden history, he may be setting you up so you can't go after him. His logic will be you must have known about the flood the car was in, you only paid $5000 for it (and you won't want to risk calling anyone since your hands aren't clean). Variations of this have happened before.
Thread Starter
Burning Brakes
Joined: Jul 2005
Posts: 962
Likes: 187
Originally Posted by C5 Dawg
... and if the seller of your car felt that prior major damages were no one else's business, you would be okay if he didn't report that to you or the state? I know that is somewhat different, but the point is that you don't always get to choose what laws you like and what ones you don't.
By the way, how well do you know the seller? If the car does have a hidden history, he may be setting you up so you can't go after him. His logic will be you must have known about the flood the car was in, you only paid $5000 for it (and you won't want to risk calling anyone since your hands aren't clean). Variations of this have happened before.
By the way, how well do you know the seller? If the car does have a hidden history, he may be setting you up so you can't go after him. His logic will be you must have known about the flood the car was in, you only paid $5000 for it (and you won't want to risk calling anyone since your hands aren't clean). Variations of this have happened before.
After talking with my tax consultant, I'm going to pay registration on the full price of the vehicle, happy?
but I would still like to this ridiculous law overturned.
Tech Contributor
Joined: May 2003
Posts: 7,035
Likes: 134
From: North Augusta, SC
Originally Posted by Robert R1
My point isn't that sales tax is unfair. If I don't bitch about income and bonus taxes, I certainly shouldn't bitch about sales tax. One time sales tax on a item is fine and should be sufficient. Taxing the consumer on the same item over and over is not right, in my book.
I feel the same way about selling a car to someone. I don't think it's right that they pay sales tax on a vehicle that I've already paid on, when the car was at it's maximum value. Sales tax on the initial purchase is just fine with me.
I feel the same way about selling a car to someone. I don't think it's right that they pay sales tax on a vehicle that I've already paid on, when the car was at it's maximum value. Sales tax on the initial purchase is just fine with me.
They get away with it by calling it a "property tax". My '01 with almost 50k miles will cost me almost $600 to register it this year, when it was new the tax was around $900.
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Racer
Joined: May 2004
Posts: 307
Likes: 0
From: California MD
Originally Posted by Hot BluZ
Lived in CA most of my life, finally escaped. If the price is way off what would be reasonable, and $5000 would qualify as way off, the DMV will charge you based on fair market value.
I too spent a lot of time in CA and many cars. The $5K number will ring all bells and whistles at DMV. Dont't do it!
Pro
Joined: Feb 2004
Posts: 562
Likes: 0
From: San Antonio Texas
Originally Posted by 28tudor
Fudging that much is too much, Sure to raise a red flag...Taxes are fact of life, no one likes it. But buying in another state is not the answer, it happens all the time...When you but a car and are not resident of that state, you simply don't pay THAT state, But...When you register the car in your state, THAT's when you pay (new or used car) On a situation like yours, you can get away with something reasonable...But $5,000.....That's like saying "Helloooo...Look at me!". My take is "don't ask for trouble"
Pro
Joined: Feb 2004
Posts: 562
Likes: 0
From: San Antonio Texas
Originally Posted by markcz
Here in SC they tax your car EVERY YEAR
They get away with it by calling it a "property tax". My '01 with almost 50k miles will cost me almost $600 to register it this year, when it was new the tax was around $900.
They get away with it by calling it a "property tax". My '01 with almost 50k miles will cost me almost $600 to register it this year, when it was new the tax was around $900.
Pro
Joined: Aug 2004
Posts: 740
Likes: 149
From: Eastside WA
Originally Posted by Robert R1
but I would still like to this ridiculous law overturned.
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Looks like you have already decided what to do. Anyway, congrats on the '02 Z06.
