Go Back   iRV2 Forums > iRV2.com COMMUNITY FORUMS > iRV2.com General Discussion
Click Here to Login
Join iRV2 Today

Mission Statement: Supporting thoughtful exchange of knowledge, values and experience among RV enthusiasts.
Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on iRV2
 
Thread Tools Search this Thread Display Modes
 
Old 09-26-2016, 06:09 PM   #1
Senior Member
 
fsudelt's Avatar


 
Newmar Owners Club
Freightliner Owners Club
Join Date: Aug 2016
Location: Forest City, FL
Posts: 534
Sales tax deduction for trade-in

So we officially sold our coach in anticipation of our new coach on order coming in November. We sold as a private sale & got about $25K more than dealer offered in trade. Question is I heard if I closed on both transactions within 30 days I could still get "offset" of sale price from a sales tax standpoint (pay sales tax on difference of new purchase minus the sales price of our existing coach). Anyone have any experience or know if this is indeed true? Either way we are coming out ahead after getting $25K more!
__________________

__________________
Brian
2017 Dutch Star 4310 (bunks)
2014 Jeep Wrangler Unlimited Sahara Polar Edition
Previous: 2010 Tiffin Allegro Red 38QBA
fsudelt is offline   Reply With Quote
Join the #1 RV Forum Today - It's Totally Free!

iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!

Old 09-26-2016, 06:22 PM   #2
Community Administrator
 
Clifftall's Avatar


 
Fleetwood Owners Club
Ford Super Duty Owner
Join Date: Aug 2009
Posts: 28,845
I've always thought it had to be a trade in. Hope I'm wrong. Best of luck with the new one.
__________________

__________________


Cliff,Tallulah and Buddy ( 1999-2012 )
Clifftall is offline   Reply With Quote
Old 09-26-2016, 06:32 PM   #3
Senior Member
 
C.Martin's Avatar


 
Newmar Owners Club
Freightliner Owners Club
Join Date: Aug 2015
Posts: 1,117
I sold my 5th wheel the same week that I paid for the motorcoach... In Palm Beach County they wouldn't let me deduct anything. If you did that much better in a private sale...it probably didn't hurt you at all. They said it all had to be on the same buyers order...ie a trade.

Oh well....
__________________
Charlie & Ronni plus the Sammies...Conner & Ginger.
2016 Ventana 4037
C.Martin is offline   Reply With Quote
Old 09-26-2016, 06:32 PM   #4
Senior Member
 
Join Date: Apr 2010
Location: Western NY
Posts: 2,738
I know of no state that allows a credit for sales tax when the transaction is not fully a "trade-in." Generally the sales tax laws of most states require there to be a trade in and then the purchaser will pay the sales tax only on the difference. I think you are going to be on the line for the full purchase of your new rig.
__________________
2011 Berkshire 390bh (traded) Entegra Aspire 44R on order
wnytaxman is offline   Reply With Quote
Old 09-26-2016, 06:44 PM   #5
Senior Member
 
fsudelt's Avatar


 
Newmar Owners Club
Freightliner Owners Club
Join Date: Aug 2016
Location: Forest City, FL
Posts: 534
Thanks, thought I'd throw it out there as someone mentioned it. Sounded to good to be true! Either way I'll take the extra $25K compared to $6K sales tax savings, plus I get to claim a higher sales tax deduction on my taxes when filing next year! Appreciate the quick input!
__________________
Brian
2017 Dutch Star 4310 (bunks)
2014 Jeep Wrangler Unlimited Sahara Polar Edition
Previous: 2010 Tiffin Allegro Red 38QBA
fsudelt is offline   Reply With Quote
Old 09-26-2016, 06:46 PM   #6
Senior Member
 
tmw188's Avatar


 
National RV Owners Club
Workhorse Chassis Owner
Join Date: Dec 2013
Location: St. Charles MO
Posts: 2,125
Send a message via AIM to tmw188
I would check with your License Office D.O.R. Where I live you can take in a signed bill of sale usually after you sell the old one and they will apply for a refund of the difference. We have a 180 days if I remember correctly. I have done it myself. The buyer of the old one better have the same price claimed on his registration because they are connected thru the VIN.


iPad using iRV2 - RV Forum
__________________
tmw188 is offline   Reply With Quote
Old 09-27-2016, 09:09 AM   #7
Senior Member
 
abrasv's Avatar
 
Monaco Owners Club
Join Date: Jul 2009
Location: Mo
Posts: 253
Quote:
Originally Posted by tmw188 View Post
I would check with your License Office D.O.R. Where I live you can take in a signed bill of sale usually after you sell the old one and they will apply for a refund of the difference. We have a 180 days if I remember correctly. I have done it myself. The buyer of the old one better have the same price claimed on his registration because they are connected thru the VIN.


iPad using iRV2 - RV Forum
X2
We also live in Mo. (Lincoln County) and I always sell privately knowing I have 180 days to apply for the refund. Sometimes, when I have purchased a different one and sell my old one about the same time I take the BOS in to the DMV and end up not having to pay for anything but the transfer and the license. Of course that is when the selling price and buying price are the same or close to the same.
__________________
Jim and Carol
2005 Monaco Windsor
2010 RAM 1500 Quad Cab 4x4
abrasv is offline   Reply With Quote
Old 09-27-2016, 09:12 AM   #8
Senior Member
 
nosticks's Avatar
 
Join Date: Jun 2011
Location: Hiawassee, Ga.
Posts: 591
State by State rules on sales tax. I would call them and wait the prerequisite 10 minutes of press this number and that followed by music on hold.
__________________
2017 Thor Freedom Elite 29fe
nosticks is offline   Reply With Quote
Old 09-27-2016, 01:46 PM   #9
Senior Member
 
Mageksl's Avatar
 
Monaco Owners Club
Join Date: Sep 2010
Location: LaBarque Creek, MO
Posts: 186
I've done this several times in Missouri. They rely on the sale price on a Bill of Sale form, which they will furnish on-line, it must be signed by both parties. Each party is to get an original bill of sale.

When applying for a credit on the sale of a vehicle it is applied to the next purchase of a vehicle. No cash refunds. If the alleged "Book value" is different from what is furnished on the bill of sale they will use whichever is lower unless the Bill of Sale has been notarized.

When paying your sales tax on the purchase of a vehicle they use the book value or bill of sale value, whichever is higher. Again there is some exemption when the bill has been notarized.

Titles issued in the last several years have a tear off section that the seller fills out with the date, amount of the sale, mileage and other info that is sent in by the seller direct to the state. This gives them a pretty good check on the bill of sale figures.
__________________
2001 Monaco LaPalma
Workhorse W-22
Chevrolet 8.1L
Mageksl is offline   Reply With Quote
Old 09-27-2016, 02:03 PM   #10
Senior Member
 
Join Date: Apr 2010
Location: Western NY
Posts: 2,738
It is good to know that this would work in Missouri, however the OP is in Florida. Florida does have some rather funky sales tax laws so I would get an opinion from a professional source in Florida. I did look on line to see if there was any guidance there, but I could not find any.

It was mentioned to perhaps call the State for their guidance. Be careful doing so because most states and the federal government will not allow you to use the advice of their own employees when you ask a tax question. Sad, but true.
__________________
2011 Berkshire 390bh (traded) Entegra Aspire 44R on order
wnytaxman is offline   Reply With Quote
Old 09-27-2016, 06:47 PM   #11
Senior Member
 
tmw188's Avatar


 
National RV Owners Club
Workhorse Chassis Owner
Join Date: Dec 2013
Location: St. Charles MO
Posts: 2,125
Send a message via AIM to tmw188
Walk into you DMV and ask.


iPad using iRV2 - RV Forum
__________________
tmw188 is offline   Reply With Quote
Old 09-28-2016, 03:36 AM   #12
Senior Member
 
fsudelt's Avatar


 
Newmar Owners Club
Freightliner Owners Club
Join Date: Aug 2016
Location: Forest City, FL
Posts: 534
Will do. Thanks everyone!
__________________
Brian
2017 Dutch Star 4310 (bunks)
2014 Jeep Wrangler Unlimited Sahara Polar Edition
Previous: 2010 Tiffin Allegro Red 38QBA
fsudelt is offline   Reply With Quote
Old 09-28-2016, 04:13 AM   #13
Senior Member
 
Join Date: Feb 2014
Location: Bamber Lake
Posts: 350
Non in NJ!
__________________
RayJr is offline   Reply With Quote
Old 09-28-2016, 06:25 AM   #14
Senior Member
 
spdracr39's Avatar


 
Join Date: Jul 2016
Location: Cabot, Arkansas
Posts: 370
In Arkansas you can do it trade in or private sale as long as it is within a certain time frame.
__________________

__________________
2013 Bullet 284RLS
2017 GMC 2500HD SLE 6.0L Z71 4x4 Standard Bed
Husky Centerline
spdracr39 is offline   Reply With Quote
Reply

Tags
sale



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Sales Tax Deduction - 2015 and Beyond wnytaxman iRV2.com General Discussion 27 02-04-2016 01:59 PM
Sales Tax Deduction in 2013 and 2014 wnytaxman iRV2.com General Discussion 24 01-22-2015 09:02 PM
Sales Tax Deduction wnytaxman Just Conversation 15 12-20-2014 01:59 PM
vehicle registration-vehicle insurance-income tax-sales tax-by state wonderer1 iRV2.com General Discussion 2 01-17-2013 06:13 PM
Sales Tax deduction renewed for 06' tax year SargeW iRV2.com General Discussion 9 01-30-2007 03:35 PM

» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 03:25 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.