Trade in car tax credit question

Originally Posted by POS VETT There are veriations from state to state. In the state of Ohio, if you bought a new car (only) and traded in another car, only

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Trade in car tax credit question

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07-29-2015, 03:56 PM #3 (permalink)

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Quote:

Originally Posted by POS VETT

There are veriations from state to state. In the state of Ohio, if you bought a new car (only) and traded in another car, only the difference is taxed i.e. new car is $15k and trade-in value is $5k, the sales tax applies only to the difference which is $10k.

My question given the following scenario

I have a car worth $10,000 and I owe $10,000 on it. The dealer is willing to pay it off and when I purchase a car that is $25,000. Do I pay tax on $25,000 or $15,000

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