Members Unfed Posted November 28, 2004 Members Share Posted November 28, 2004 sorry to be off topic, but someone here must know this... am i wrong in thinking that you should not be taxed on the amount of what you're trading in? for example, i know for a fact that in new york state (and most likely everywhere else) when you buy a $20,000 car and get $7,000 in trade for your old one that you're only taxed on the $13,000 difference. also, say if i trade $670 worth of drum machines and fx boxes towards a $1300 yamaha motif, i'm only taxed on the $630 difference. does this make sense? anyway, i just traded in a bunch of cd's which they gave me $75 worth of store credit for. looked around and found some stuff that totaled $74.96 and went up to the counter, figuring on basically an even trade. a bit suprised when she rang it up and wanted $6 extra. not much at all, but i'm thinking 'is this right?' she ended up very pissed and with quite an attitude that i'd even question something like this, where as in any trade-in situation i've been in i've never been taxed on that amount. any thoughts on this? Link to comment Share on other sites More sharing options...
Members midi Posted November 28, 2004 Members Share Posted November 28, 2004 I think in this case its just used as store credit and you still have to pay the sales tax although i've seen the policy vary depending on the store but they are probably required to pay sales tax by the state. Link to comment Share on other sites More sharing options...
Members Unfed Posted November 28, 2004 Author Members Share Posted November 28, 2004 well, through a google search i found this situation worded specifically in the tax laws for tucson arizona and the state of wisconsin. can't find it in my search of new york state's tax laws though i'm sure it's there... i'd love to find it in writing. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.