Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#1
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Florida used car sales tax when trading?
What if I traded down and my trade in was worth more than the car I traded on. What if I traded a individual even, would we both have to pay and who determines the amount to be taxed. I did a search and couldn’t find the answer. Could be just me. Looking for facts not opinions. Thanks in advance.
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#2
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If you are buying or trading a vehicle with a private party, the Florida DMV recommends that you complete the transaction at the DMV office.
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#3
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Thanks for the reply, doesn’t really answer the question but I intend to make a call on Monday.
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#4
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Florida will require both parties to pay the sales tax based on the book value of the car. You can see the requirement clearly stated
HERE For non-clickers, with my use of bold and enlarged font: Quote:
Keep in mind the sales tax is collected from the person who receives the car. So if you trade down, you pay the tax on the lower valued car you received, unless of course the difference in value is made up in a cash transfer.
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