Tesla can't find buyers for the current backlog of nearly 2,400, or $200 million worth of Cybertrucks, despite claiming over a million orders were received.
What? Where is that legal? You should be paying tax on the full purchase price of the new vehicle. In every transaction I’ve done, the trade-in is simply treated as part of the down payment or the full payment if you aren’t financing.
The same thing applies to houses and many other large purchases. Also most states that offer a trade in discount also let you sell the car private party (or to another dealer) and claim it on your taxes. You just have to file more paperwork vs the dealer figuring that out for you.
What? Where is that legal? You should be paying tax on the full purchase price of the new vehicle. In every transaction I’ve done, the trade-in is simply treated as part of the down payment or the full payment if you aren’t financing.
https://www.motorenn.com/vehicle-trade-in-tax-benefits-by-state (not the biggest fan of this but can’t find one I like better)
The same thing applies to houses and many other large purchases. Also most states that offer a trade in discount also let you sell the car private party (or to another dealer) and claim it on your taxes. You just have to file more paperwork vs the dealer figuring that out for you.
Huh, TIL.