|
So it turns out that CT views private-party even swaps as a flat out sale taxing you at 7.50 percent on the NADA trade in value.
Luckily, I was able to run it through my FL address because FL deems the exact same transaction as non-taxable.
Varies widely state by state.
If you live in a state that taxes private-party swaps the only way around it is to run it through a dealer (my local dealer declined).
Thank you for your comments and suggestions.
|