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  1. #1
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    Do you have to pay taxes when trading cars straight up? (Florida)

    Just curious... Say i were to trade my car for another. There's no cash transaction. Do you base taxes from the retail of the car? I'm sure there's some sort of tax that's involved... but hopefully not crazy high sales tax.
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    Fender Roller Parce85's Avatar
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    well if theres no bill of sale stating a really low price then you have to pay the retail taxes

    better to just put gift and write up a bill of sale saying you give such car to such person and visversa
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    Investments Guru Hurleysurf24's Avatar
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    it depends .. if its a like kind exchange of equal value then no.

    if you note a gain on the trade of property, you are legally obligated to report it. Will anyone really check or catch it in reality ,,,, no
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    Formally "DuckyD" Matthew's Avatar
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    Quote Originally Posted by Hurleysurf24
    it depends .. if its a like kind exchange of equal value then no.

    if you note a gain on the trade of property, you are legally obligated to report it. Will anyone really check or catch it in reality ,,,, no

    You go to register a vehicle, they ask the price that you paid and then tax you on it. If it's unreasonably low they do an audit and can fine you. So you have to put a price paid.
    I know someone who put $0 and 6 months later he being contacted by the tax collector. He and the seller had to sign affidavits stating that it was a gift.
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    I hate that you have to pay taxes on used cars... damn government taxes the same thing like 4-5 times in its life, then 20 more times at the junkyard when people buy parts off of it.
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    Investments Guru Hurleysurf24's Avatar
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    ducky thats absurd ... i mean if we are talking about 50,000 dollar vehicles thats one thing .. but if they are going to try to go after you for 500 dollars in taxes owed on a vehicle ... they simply wouldnt. the cost/benefit is no where near beneficial.
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    See, that's what i figured. Looks like i'll be exchanging gifts in the short future :)
    --95 Supra NA-- **Sold**
    --94' 6-spd Supra TT --**Sold**
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    WRC rallye driver Civic2sicK's Avatar
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    Quote Originally Posted by Hurleysurf24
    ducky thats absurd ... i mean if we are talking about 50,000 dollar vehicles thats one thing .. but if they are going to try to go after you for 500 dollars in taxes owed on a vehicle ... they simply wouldnt. the cost/benefit is no where near beneficial.
    Ummm yeah they would. I purchased my car for $500 and they went after me. I had to get that affidavit signed by me and previous owner stating that the car was purchased for $500 .
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    I believe it qualifies for a "like kind exchange" and is not taxed.

    Im gonna have to check my tax book but my friend has it at this moment.
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    Let me give you a fact here. If the car you are buying is equal to or of lesser value then the car you are trading, there is no sales tax. Key word there is sales tax.

    So if someone has a 50,000 dollar car, and you trade them your 50,000 dollar car, there is no sales tax. Registration and crap is something totally seperate. But no big deal when compared to potential sales tax.

    This little fact is why it's such a joke when people say how much they bought a new car for. Half the time they don't say if they had a trade-in or not and since a trade-in directly affects how much sales tax you pay, the bottom lline can be skewed by quite a bit.
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