RaceCarDriver

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.

hb253

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
----------
1984 928S
1979 911SC Targa

87 944 C

^ i've never had that problem, but you can play with the price and as long you keep it reasonable there's no reason to question

PasPar2

What if you do an actually swap with someone? do both parties need to pay full tax?!

msalvatore

you pay what you write you payed within reason.