02-20-2013, 08:22 AM | #1 |
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Tax question
Putting together my spreadsheet for what I think I will owe so that I can finance the correct amount through my credit Union. Is the gas guzzler and destination taxed? Im guessing no, but nowadays the government is f'ing me left and right.
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02-20-2013, 11:55 AM | #2 |
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It may depend on your state but the tax percentage should be based on your cash sales price---- not on the items on the invoice addendum.
EG: lets say my invoice or msrp is 100k including gas guzzler tax and dest charges... but I buy the car for 90k; in california I would pay 8% on the 90k number (orange county tax) and conversely if I bought the car for 110k I would still pay 8% of the cash price regardless of the itemization of GG tax and other items.
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02-20-2013, 02:08 PM | #3 | |
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Quote:
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02-20-2013, 02:45 PM | #4 |
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it all depends---- In california you pay tax on the cash price of the car. There is no itemization for gas guzzler tax on a retail installment contract in california. The gas guzzler tax is a tax built into the price of the car.
So yes you could indeed be paying tax on part or all the gas guzzler tax at least here where I reside. And technically the gas guzzler charge doesnt say the word tax on the sticker does it?
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02-21-2013, 07:58 PM | #5 |
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Same in MA. You do pay state tax on GGT. There was a thread on the M3 boards a while back about it being related to the manufacturer being charged who is passing it along to the buyer. There were people who tried to get out of this part - my guess is that the dealer just included it as part of the deal rather than losing the sale over it.
I wouldn't mind the GGT if it applied to all personal vehicles since the idea is to encourage decreased consumption. Making SUVs and pick-ups exempt is what bugs me. |
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02-24-2013, 07:15 PM | #6 |
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How about the tax benefit of a trade in. Is that applicable in all states? Not paying tax on the amount they give you for your trade?
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02-25-2013, 12:12 PM | #7 |
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Any help would be great - im being told that since I am trading a car registered in CT to a NJ dealership, i will not get the tax benfit on trade in. Is this correct?
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03-13-2013, 05:20 PM | #8 |
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Ill answer my own question - I walked into dealer thinking I was not getting the tax benefit on my trade of $37,500 b/c I was trading in a CT titled car for a NJ titled car. Well I got the tax benefit and paid $2600 less.
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