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| *Loan,banking and credit>>>car tax |
If you sell your own car to private party and get paid by cash, do you pay sale taxes? |
Form 1099? The buyer will pay all the sales tax after you sign off on the title and the buyer goes through the transfer with the DMV. As for the money you received from selling the car, as long as you were driving it (not one of those buy and sell next month deal, also called curbstoning), you are not required to report the income or revenue from the sale on your tax return. When you transfer the ownership papers thats it.Any state/fed duties are exacted then.You are not a business,and have no liability to any tax yes when you register it at the DMV depending on how must you say you bought it for they charge you accordingly Of course not, you are the seller! the buyer will incure taxes when they go and register the vehicle in their name, at the DMV. You just provide the buyer with the selling price they paid for the vehicle in the form of a written reciept. At the moment of transfering the title, they will ask you for a Bill of Sale. Since it was cash, unless you're totally honest, you don't have to put the actual sale-price. |
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