Thread: Trade in car tax credit question
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Old 07-29-2015, 05:05 PM   #4 (permalink)
JARblue
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Originally Posted by SerialCoderer View Post
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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