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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07-29-2015, 04:53 PM

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Mike

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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

That would be assuming you are buying a $15000 car. If your new car is 25000, the dealer is going to charge you 35000 to cover the upside down balance. you will still be paying tax on the 25k in that case.

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