Questions on New Jersey sales tax
#1
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Thread Starter
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I just sold my porsche privately two weeks ago. Now I'm in the process of buying a car privately out of state.
I know when I get the car delivered here i have to register it in New Jersey and pay the sales tax.
I assume I have to pay sales tax on the full amount of the purchase and I can't subtract the amount for the car I just sold and only pay on the difference (like a trade in) ?
I thought it would be worth asking.
let me know your thoughts, thank you.
I know when I get the car delivered here i have to register it in New Jersey and pay the sales tax.
I assume I have to pay sales tax on the full amount of the purchase and I can't subtract the amount for the car I just sold and only pay on the difference (like a trade in) ?
I thought it would be worth asking.
let me know your thoughts, thank you.
#2
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No such luck. The state tax is based on the sale price written on the title. Be careful about lowballing it. I did so many years ago and the state followed up with a letter saying I needed to pay more tax because the listed purchase price was well below book value.
Hugo
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1984 928S
1979 911SC Targa
Hugo
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1984 928S
1979 911SC Targa