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Assuming the vehicle purchase price is $15,000, GOBankingRates was able to calculate the amount of sales tax paid. Key Findings Residents in five states paid $0 sales tax when they buy a car.
The calculator uses your income and family size to estimate your total sales tax deduction. If you made a large purchase, like a home or a vehicle, you can add that information into the calculator ...
To calculate sales tax, multiply the total cost of the product by the sales tax rate levied in your area. Find out how much your area charges. How To Calculate Sales Tax: A Step-by-Step Guide
When buying an automobile, if one trades in a car, the state deducts the price of the trade when calculating the sales tax to be paid on the automobile (e.g., purchasing a $40,000 car, and trading a $10,000 car, a person would be taxed on the difference of $30,000 only, not the full amount of the new vehicle).
CarGurus shares answers to the most important questions about taxes when buying and selling a car.
The tax credit will only be given to the original purchaser of the vehicle, and not to a secondhand owner. If the vehicle is being lease, the tax credit can be claimed by the leasing company alone. The vehicle must be used mostly in the United States. The vehicle must be placed in service by the taxpayer by 2010 or later.
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