Are you required to pay tax after selling the vehicle?
832126
I think you have correctly identified a problem. \n\nUnder normal circumstances casual sales of property between individuals who reside in those provinces that have a retail sales tax (i.e., Ontario, Manitoba, Saskatchewan, BC and PEI) are not subject to PST. The reason for this is a practical one since it would be impossible to enforce the collection of tax on such sales. \n\nHowever,  motor vehicles are a different issue due to the need to register the ownership for licensing purposes.  In your case the first purchaser is technically liable for PST (not GST) on the initial purchase of the vehicle unless they are in the business of buying and selling vehicles and they have a registered identification number (RIN) that identifies them as a vehicle dealer. Assuming that this is not the case, there is a technical problem in that tax is owing on that sale. The government has no way of knowing this until such time as the second sale occurs and the transfer of ownership has to be declared and documented. From a practical point of view under the circumstances as described, it is the original owner of the vehicle that is going to have to sign the transfer of ownership to the second purchaser. The vehicle will be taxed based on its blue book value (which may be higher or lower than the actual transaction value) and the new owner will have to pay the tax in order to get new plates for the vehilce. The intervening owner could conceivably remain invisible to the tax authorities unless they ask for a bill of sale from the intervening owner that shows the second purchaser's purchase price. The descrepency between the party that signs the transfer of ownership for registration purposes and the person shown as the seller on the bill of sale could of course raise some questions. Whether or not the person at the vehicle registry office recognizes that this has sales tax implications is anyone's guess. You might get lucky since these people are not necessarily trained to look for or even consider such issues.
57112
No, they're full of fees and surrender charges.  You also have to pay taxes at your ordinary tax rate when you take it out, rather than the capital gains rate which is usually less.  The salesman makes more money on them than the investor.
976901
when your item is sold the money is deposited in your account, so yes you need one
2762
Whatever you do, don't let it get reposessed. Try to sell it for whatever is left to be paid  on the car finance agreement or check with the dealer if you find someone to take over payments.
144646
In compliance with the IRS the answer to your question is yes, it does have to be reported.  (Retired accountant)
927826
Depending on the sellers rating you 'might' have had redress (through Paypal if you had used them) at one stage but because you carried out repairs, that deems you have accepted the vehicle.  If you push the seller, they may accept taking it back (well who wouldnt, you just spent 3k on it).  They are under no obligation to refund money you have spent on it.  The best chance you may have is if you can prove the MOT is illegal and then go after the garage that gave it, again because you have had many repairs carried out, I suspect this would also be an impossible route to prove.\n\nSorry its not better news.
401525
No, as long as you don't sell, there is not a taxable moment.  So, you won't have to pay tax on any gains on your stockes until you actually sell them (or transfer them to another person).
369709
buy it, the keep it out of the country for 3 months to avoid sales tax.  im not sure if they have banned that or what, but thats what i did, and i got away with tax.  my yacht was like 1.3 million, so that would have a been a lot of tax.
581793
Selling it.  Under current IRS regulations, your deduction would be the amount the charity sells the car for, unless the charity is going to keep it for an extended period of time or else materially modify it.  \n\nIf we assume that you're in the 25% tax bracket, if you donate the car, and they get $5000, you would receive a deduction of $5000, which would result in you paying $1250 less in taxes (plus whatever state rate).  That's not too bad of a deduction.  However, if you sell the car outright, you are likely to receive close to the same price they did.  Even if you received only half what they sell it for, that would mean you get $2500 in cash, which is twice as much as the donation gave you.
537824
Sales tax is required on all boat sales. It would be exempt if the seller delivered it directly to you out of state. The state you're moving it to likely has a use tax for items bought out of state. You would likely receive a credit for this tax for any sales tax you paid to Texas, but that would depend on what state you're taking it to.
55802
If you don't they will require a cosigner.  Do not purchase the vehicle if you can't pay for it.  It will only cost you more in the long run.
838335
If the IRS were to come after your employer, you would not be held responsible in any way. As long as you report the income you receive and pay taxes on the income at the end of the year, you are doing your part. I noticed that you just said your comission checks would be tax free. Are they withholding taxes from your regular paycheck? Alot of car dealers work this way too. They'll pay their salepeople a biweekly wage and their comission is straight cash. At the end of the year, they issue a 1099-misc reporting that income. You'll have to pay self employment tax at the end of the year
389472
Are you in the UK? If so that would depend on who is paying the hire charges. If it is an employer and you ONLY have access to the car for works use, then it would not be classed as a perk and would not be taxable. In this case you must keep a log of mileage done.\nOnce you have private use of the car it becomes a taxable perk. Whether it is a hire car, lease car or company owned car (very rare), is not relevant to the question.\nIf you pay the hire charges, your employer should reimburse you as an expense incurred as part of your work duties.\nIf you are self employed you will have access to the car for private mileage whether or not you actually use it. You will have to pay tax on it as a company car.
69189
For the company:\nBasis = (purchase price - accumulated depreciation)\nProfit/Loss = Sale Proceeds - Basis\nThe company would view the profit of loss on the proceeds as a disposition of the asset.  Since the sale is cost less depreciation then the company would have no implications -- depending on the depreciation method.  There could be tax implications if the company were using a cost vs. market depreciation method.\n\nThe tax implication for the employee would be:\n  Basis = Sale Price Paid\nThere are no real tax implications for the employee at that time -- FOR THE SALE OF THE CAR.  If the employee were given that car to use then he/she would have had to be paying tax on the benefit of using the car.
94643
Generally, no. If you use the vehicle for business (commuting doesn't count) you can take a portion of the depreciation as a deduction.
728258
They getcha where they can. Both new and used or second hand items are taxable.\n\nPlaces I know where you might not pay tax is garage sales and e-Bay.
107354
Regarding the IRS, it depends on a lot of things. Remember gross income is income from whatever source derived, not if it is a certain dollar amount... Is it business or personal? Did you sell for more than what you bought it for? If you did, you need to look into the reporting requirements.