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I believe If you sell the car out right you have to report it as income and pay taxes on it but if you trade in the car it's not
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02-08-2011, 09:04 AM
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#6 (permalink) |
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A True Z Fanatic
Join Date: Mar 2010
Location: Izmir, Turkey
Posts: 15,371
Drives: 2012 Traverse LTZ
Rep Power: 54   |
I believe If you sell the car out right you have to report it as income and pay taxes on it but if you trade in the car it's not reported as income and you don't need to pay taxes. So if figuring out of you should sell or trade subtract the taxed amount from would you would get for selling the car. That is the amount you need to compare to trade in value.
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