Nissan 370Z Forum - View Single Post

Lemers · 02-08-2011, 10:04 AM

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.

02-08-2011, 10:04 AM	#6 (permalink)
Lemers A True Z Fanatic Join Date: Mar 2010 Location: Izmir, Turkey Posts: 15,371 Drives: 2012 Traverse LTZ Rep Power: 52	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. __________________ 2010 Black Cherry Touring/Sport/Nav Now - 2012 Travese LTZ until I leave for Turkey