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If you spend $7,000 on a car and an additional $1,000 on improvements, but you sell the car for $7,000, it's considered a capital loss, and you don't need to pay tax on the sale.
If you're purchasing a vehicle from the dealer you're selling to, many states will deduct the sale price of your car from the cost of the one you're buying when calculating sales tax on your new ride.
Or you could sell your car 100% online, which removes the inconvenience associated with a private sale. This story was produced by CarGurus and reviewed and distributed by Stacker. Show comments
At 7.25%, California has the highest minimum statewide sales tax rate in the United States, [8] which can total up to 10.75% with local sales taxes included. [9]Sales and use taxes in California (state and local) are collected by the California Department of Tax and Fee Administration, whereas income and franchise taxes are collected by the Franchise Tax Board.
This program allows California residents to order replicas of California license plates produced in the 1950s, 1960s, and 1970s. The original intent was for older cars to get new plates that matched the plate colors that the DMV issued for that car when it was new. Due to lack of applications, the program was opened to all cars.
[31] [32] [33] Forty-eight states had laws that limit or ban manufacturers from selling vehicles directly to consumers, [34] [35] [36] and although Tesla has no independent dealerships, dealership associations in multiple states filed numerous lawsuits against Tesla, to prevent the company from selling cars. Among other states, North Carolina ...