Thread: Selling your car and taxes
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10-10-2012 10:39 PM #17
At least here in NY vehicles are taxed when you register them, so the tax on the transaction would go to the purchaser. If you run it thru the bank, it will get put on a 10 day hold, but they will put it thru without question. At that point all they know is you have $30k from somewhere, could even be another account. Most of all, goverment has nothing to do with individual bank accounts. That's part of the privacy act.
As for paying the tax, a small price to pay.. avg tax 8% of 30k is $2,400. So that's worse than Ebay fee's. You could report it on your income tax as income, and the goverment will gladly take your money. But that decision is up to youYou don't know what you've got til it's gone
Matt's 1951 Chevy Fleetline- Driver
1967 Ford Falcon- Sold
1930's styled hand built ratrod project
1974 Volkswagen Super Beetle Wolfsburg Edition- sold





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