Trade in value - Way too low??

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11-15-2006, 12:41 PM

#16

mrpc12

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Quote:

Originally Posted by OCBen

Only if it's above a minimum threshold.

For Tax Yr '05 it was $7000.00 in Kahlifohnia. And I don't remember if only the amount that exceeds that threshold is tax deductable, or the full amount.

I paid somewhere around $35K in sales tax for 2005 so it was a definite benefit for me. Of course I lost way way more than that in all the car trades.

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11-15-2006, 01:06 PM

#17

outofmoney

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Arnold & Co..............LOL!

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11-15-2006, 07:59 PM

#18

Edgy01

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Quote:

Originally Posted by OCBen

Only if it's above a minimum threshold.

For Tax Yr '05 it was $7000.00 in Kahlifohnia. And I don't remember if only the amount that exceeds that threshold is tax deductable, or the full amount.

Ben,--thank God I went for so many options!