Used NSX tax question

[NetViper]

The NSX I am looking at was bought in my state 6 months ago, and now I am looking at buying it. Since he just paid a pile of tax on the car, is there a way that I don't have to pay it all over again? I have no idea if there are loopholes if the car was bought in the same state or time limits or anything.

Anybody know? I am pretty sure I am going to have to pay full tax, but I just thought i would ask.

PS. this is a private party sale, no dealers involved.

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NetViper -= 100% Stock EBP 2000 Civic Si =- Still looking to get an NSX, but at least I can live life at 8,000 RPM!

[This message has been edited by NetViper (edited 17 May 2002).]

 

[Jimbo]

Are you talking about the sales tax?

If so...yes. You'll have to pay it.

That's why it's always important to consider the trade-in value because you only pay sales tax on the difference.

-Jim

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1992 NSX Red/Blk 5 spd #0330
1991 NSX Blk/Blk Auto #3070 (Sold)
1974 Vette 454 4 spd Wht/Blk
Looking for 76-79 Honda Accords

 

[NetViper]

Yeah.. sales tax. I know that the trade in helps a lot, but I am not dealing with a dealership... so that throws that out of the window.

I am really just wondering because of how close the time is between his purchase and my purchase. (6 months -- the state makes over 6K this year on that car) I don't want to cheat the gov't, I am just wondering because the time issue.

 

[nsxtasy]

You almost certainly have to pay it. However, it's still worth checking your state's Department of Revenue (and/or DMV) website to see what the specific rules are, and if there are any exceptions.

The state government websites are generally quite informative about stuff like this.

[This message has been edited by nsxtasy (edited 17 May 2002).]

 

[rickro]

Yes my LA friend, you will have to pay the taxes on that car. I know for a fact. Let me know when you get it and I'll meet you in Lafayette or Alexandria... Good Luck!!!

 

[Michigan NSX]

NetViper,

How close are you to getting this car? I noticed you changed your Avatar from the blue NSX to the white one. Good luck on the purchase!

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'91 Black/Black

 

[jmsc]

NetViper,

You incur the state sales tax when you register the car not when you buy it. I went thru this when I took European Delivery of my Porsche back in 1986. You pay in full for you car weeks before you fly over to Europe but you don't pay sales tax on it until you go to register it back in the states.

 

[NoClgDeg]

If you are financing the car, then you will need to pay sales tax on the purchase price. If you are paying cash then you pay the sales tax on what you state. Of course you only paid $10K or less, right?

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91 Red/Ivory #2061

 

[nsxxtreme]

Reading this stuff makes me love Oregon more and more every day. What's sales tax

 

[Tom Larkins]

What did I just read, "You don't want to cheat the government" Well slap me stupid every April 15th, lets not cheat the are well run fed/state/local gvnmnts for the great services they provide. Just kidding, I have to pay my sales tax on Monday...

 

[nsxtasy]

Originally posted by NoClgDeg:
If you are financing the car, then you will need to pay sales tax on the purchase price. If you are paying cash then you pay the sales tax on what you state. Of course you only paid $10K or less, right?

The government is not stupid about things like this. They will call it fraud. Don't even ask what happens if you get caught. I wouldn't try it.

 

[David Allen]

Unfortunately, the government IS malicious relating to sales tax; by taxing the people every time an item is sold, they do nothing more than steal money from us for each transaction that we commit.

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David Allen
'00 Silverstone NSX-T
Comptech SC, Headers, Intake, Exhaust & a little Mark Basch tweakage

 

[NoClgDeg]

Nsxtacy,
So if I sold my NSX to you for $10K that would be fraud?

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91 Red/Ivory #2061

 

[flaminio]

Originally posted by NoClgDeg:
Nsxtacy,
So if I sold my NSX to you for $10K that would be fraud?

No... but if you *really* sold it for $35K, and only claimed you sold it for $10K, that *would* be fraud. The state knows how much an NSX usually sells for, so they may check it out, or they may not. Is it really worth risking jail time for a few hundred dollars in tax?

-Bob

 

[NetViper]

Originally posted by Michigan NSX:
NetViper,

How close are you to getting this car? I noticed you changed your Avatar from the blue NSX to the white one. Good luck on the purchase!

I haven't got it yet... But i am geting close. I am still looking at financing options. JJ BANK will do 80% of the purchase price (not including tax) which turns out to be more than I thought. I am still working on it. I am also going to try peoplefirst.com and see what happens. I hope, if all goes well, I should have it in a couple weeks.

 

[NetViper]

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[This message has been edited by NetViper (edited 18 May 2002).]

 

[NSXnBRLA]

As a Louisiana dealer,i'll offer this input. NetViper, yes, you will owe full taxes on your purchase. Even if you bought it 10 minutes after that guy. You are taxed on your actual purchases in our state. The time of purchases and the amount of purchases within a certain time for an item, has no effect on the taxes paid. As for the idea of only showing a purchase value of $10,000 or whatever, i'll let you know that even if you honestly only paid $1.00 for the car, the state taxes you on the book value. The only exception in that case is if the vehicle has a salvage/reconstructed title. In that case, they will only charge you on the amount that you show being paid for the car, without further investigation. Let me know if you join the La NSX owners association!

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1992 NSX