Quote:
Originally Posted by avi8torny
Your treating this car as an investment. It's not. Tax is paid when the car is sold/registered. You owe nothing. You should have paid the tax when you bought it. The state can't charge you tax...again.
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Yes they can, if it goes up in value -- it's called "capital gains taxes," this is not about "sales tax." (Some states have "personal property tax" too -- like South Carolina -- you pay taxes every year on your vehicles!)
And if it goes down in value, you cannot deduct your losses -- even if you bought the car initially as an "investment."