Trade in car tax credit question

Originally Posted by SerialCoderer 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

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Trade in car tax credit question

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1 Post By JARblue
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07-29-2015, 04:05 PM

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JARblue

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Quote:

Originally Posted by SerialCoderer

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

You will not get any tax credit in that scenario. You will pay tax on the full $25K.

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