Sign in to follow this  
Followers 0
deebee

Buying a used vehicle

Rate this topic

9 posts in this topic

If you buy a car from a private seller in New Jersey, and a reduced sales price is entered on the title, does the motor vehicle office honor that price for sales tax purposes?headscratch.gif

Share this post


Link to post
Share on other sites
View PostIf you buy a car from a private seller in New Jersey, and a reduced sales price is entered on the title, does the motor vehicle office honor that price for sales tax purposes?headscratch.gif

 

DMV only collects sales tax for the state. Transactions are subject to audit by the state Treasury/Tax people.

 

When you say reduced sales price, are you saying to put less on the title than what you actually paid? headscratch.gif

Share this post


Link to post
Share on other sites
View PostDMV only collects sales tax for the state. Transactions are subject to audit by the state Treasury/Tax people.

 

When you say reduced sales price, are you saying to put less on the title than what you actually paid? headscratch.gif

 

Yes

Share this post


Link to post
Share on other sites

If the "price" you enter on the Title looks rediculous the MVC will looik up the book value and charge you that. Be careful it will blow up in your face.

Share this post


Link to post
Share on other sites

You should have a receipt from the seller, the amount is yours and the sellers business. With or without the receipt, if the selling price is below book value, the State will ask for proof of purchase, thus the receipt from the seller to prove there is honor among thieves. wink.gif

 

Or if you want to risk doing 10-15 for sales tax evasion and the seller doesn't want any part of being complicit, you can pay half in cash and half by bank check, the half by bank check is your receipt.

 

As a seller, I don't care what the buyer does, but I don't sign anything that involves me being part of avoiding taxes. As a buyer, I grumble and groan but I pay the tax.

 

Its just not worth the trouble.

Share this post


Link to post
Share on other sites
View Postbuy cash and enter a reasonable amount or they blue book ya

 

Whats reasonable?

 

They sent me a tax due bill for a car I bought with cash last year and if they'd give me what they said it was worth I would have handed them the keys and made a quick 5 K profit.

 

Highlander has good advice, have a receipt if needed.

Share this post


Link to post
Share on other sites

(i was just reply to multiple threads to make bobs sticky request sink resulting in inevitible fail)

 

good point there ed headscratch.gif its quite the condom

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to register here in order to participate.

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now
Sign in to follow this  
Followers 0

  • Recently Browsing   0 members

    No registered users viewing this page.