Quote:
Originally Posted by MrZee
Uh, IT'S ILLEGAL. That's the issue. If you don't take title and sell as if you are the owner, and you're not a dealer, it's sales tax fraud.
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Let's see:
I buy a new car for $40K and pay 7% sales tax=$2800
I sell the car 3 years later for $20K and the new owner pays 7% sales tax=$1400
He sells the car 2 years later for $10K and the new owner pays 7% sales tax=$700
He sells the car 2 years later for $5K and pays 7% sales tax=$350
And on and on...
That's $5250 in sales tax collected in 7 years on the same car that originally cost $40K, or 13.1%. Sounds like some kind of scheme the mob would dream up.
Oh wait. That's a tax law. Gotta be ok then.