Today's Posts Mark Forums Read Calendar
Go Back   NJFBOA - Home of New Jersey's Camaros and Firebirds > Regional Forums > West Central Jersey

Notices


Closed Thread
 
Thread Tools
Old 01-20-2011, 06:19 PM   #1
WiMiMc
 
WiMiMc's Avatar
 
Join Date: Jul 2010
Location: Somerset,NJ
Posts: 585
iTrader: (2)
pay tax or anything on traded vehicles?

other than title transfer are there any other "fees" i would have to pay at the DMV?
__________________
1995 S10 Z85
1999 Firebird Formula
WiMiMc is offline  
Old 01-20-2011, 06:34 PM   #2
1QWIKBIRD
11 Second Club
 
1QWIKBIRD's Avatar
 
Join Date: Nov 2005
Location: Hamilton Twp, NJ
Posts: 855
iTrader: (5)
I have never traded cars, but I once traded landscape trailers and they weren't really sure how to handle the tax issue and let us go with just the title fees. Don't be surprised if they go to blue book value or something?

Chris
__________________


1999 Formula 6spd (The driver)
1997 2500 Ext. Cab Dodge 4x4 CTD 5spd (The Earth Mover)
1970 Nova 5spd (The toy)
1QWIKBIRD is offline  
Old 01-20-2011, 07:38 PM   #3
Vinnie Madrox
 
Vinnie Madrox's Avatar
 
Join Date: Aug 2009
Location: HowELL, NJ
Posts: 83
iTrader: (0)
I just traded my grand prix gtp for my z28. We traided with him putting $200 cash on top. On the title for tge camaro (going into my name), under sale price, i put "gift". Didnt have to pay any sales tax or fees at all. Just title and reg transfers.
__________________

http://www.MAGMAlliance.com
Vinnie Madrox is offline  
Old 01-20-2011, 10:10 PM   #4
WiMiMc
 
WiMiMc's Avatar
 
Join Date: Jul 2010
Location: Somerset,NJ
Posts: 585
iTrader: (2)
hmm i may do that, i remember my friend bought a truck (beater) and put like 20 bucks for the price haha. the guy at the dmv asked if thats how much he paid, he said yup, and that was that
__________________
1995 S10 Z85
1999 Firebird Formula
WiMiMc is offline  
Old 01-21-2011, 06:17 AM   #5
Vinnie Madrox
 
Vinnie Madrox's Avatar
 
Join Date: Aug 2009
Location: HowELL, NJ
Posts: 83
iTrader: (0)
They can't deny it and not let it go throughbat the dmv, they have to take your word for it unless something was erased/crossed out/whited out/ect.

Back in 2005 bought my first gtp. i bought it for $5,500 and put $2,000 on the title to save myself some money on tax. I got a letter in the mail from the US Treasury about a month later saying the car is worth $6,500 in the current market and i had 30 days to pay tax on the rest of the value of the car. Bull lol. I ignored the letter and nothing ever came of it.

Then in 2007 i bought my second gtp for $2,700 and again, put $2,000 on the title. They sent me another letter saying the same thing, that it was worth $6,500 in the current market (2 years later, odd). So again i ignored it and nothing ever came of it. You will be fine lol
__________________

http://www.MAGMAlliance.com
Vinnie Madrox is offline  
Old 01-21-2011, 06:24 AM   #6
Adam1978
 
Adam1978's Avatar
 
Join Date: Jan 2010
Location: Brick
Posts: 209
iTrader: (0)
my aunt gave me a 1999 suburban with a blown tranny, so all i had to do was replace it and go, we put "Gift" on the title and the lady wanted a note from my aunt saying it was a gift... we got back in line to someone else and went right through, got a bill for the blue book value in tax, then my aunt sent a note and we were fine lol i've gone through about 8 cars so far and thats the only time i ever had a problem haha
Adam1978 is offline  
Old 01-21-2011, 06:44 AM   #7
Mike
BadMod
 
Mike's Avatar
 
Join Date: Aug 2004
Location: hamilton, nj
Posts: 8,889
iTrader: (17)
Quote:
Originally Posted by Vinnie Madrox View Post
They can't deny it and not let it go throughbat the dmv, they have to take your word for it unless something was erased/crossed out/whited out/ect.

Back in 2005 bought my first gtp. i bought it for $5,500 and put $2,000 on the title to save myself some money on tax. I got a letter in the mail from the US Treasury about a month later saying the car is worth $6,500 in the current market and i had 30 days to pay tax on the rest of the value of the car. Bull lol. I ignored the letter and nothing ever came of it.

Then in 2007 i bought my second gtp for $2,700 and again, put $2,000 on the title. They sent me another letter saying the same thing, that it was worth $6,500 in the current market (2 years later, odd). So again i ignored it and nothing ever came of it. You will be fine lol

they will come back eventually. and no they do NOT "HAVE TO TAKE YOUR WORD FOR IT"

if you dont know an answer, dont give terrible advice just because you think you got away with tax evasion
__________________
So much stupid, so little time.


Quote:
Originally Posted by 79CamaroDiva View Post
It started before I drove your car. I just have to look at it the wrong way and your car poops parts.
Mercerville MotorSports, LLC
Mike is offline  
Old 01-21-2011, 07:32 AM   #8
Vinnie Madrox
 
Vinnie Madrox's Avatar
 
Join Date: Aug 2009
Location: HowELL, NJ
Posts: 83
iTrader: (0)
It's not terrible advice, it's personal experiance. It's been 3 1/2 years since the last time i heard from them, i'm sure they won't "come back" lol
__________________

http://www.MAGMAlliance.com
Vinnie Madrox is offline  
Old 01-21-2011, 07:39 AM   #9
Mike
BadMod
 
Mike's Avatar
 
Join Date: Aug 2004
Location: hamilton, nj
Posts: 8,889
iTrader: (17)
remind us that when you have a lein on your house and they are garnishing your wages.

lying to the dmv and in turn the state and federal governments, and SUGGESTING tax fraud and evasion is terrible advice... wether you got lucky or not
__________________
So much stupid, so little time.


Quote:
Originally Posted by 79CamaroDiva View Post
It started before I drove your car. I just have to look at it the wrong way and your car poops parts.
Mercerville MotorSports, LLC
Mike is offline  
Old 01-21-2011, 07:53 AM   #10
greenformula92
 
greenformula92's Avatar
 
Join Date: May 2010
Location: Brick, NJ
Posts: 1,868
iTrader: (1)
if you do a straight up trade the best way to go about this with no complications is to make a document for both parties, signed by both parties, and notorized....thats the best way because than the state can't harrass you as they see fit, because if they can, they will
__________________
Formerly known as blk95formula
86t/a_ram_air on TGO

2018 Silverado 1500
greenformula92 is offline  
Old 01-21-2011, 08:02 AM   #11
JL8Jeff
Hippy Mod, Bergermeister Meisterberger, Moderator
 
JL8Jeff's Avatar
 
Join Date: Aug 2004
Location: Ewing
Posts: 6,212
iTrader: (3)
You pay full tax on the purchase price if you buy from a private individual. If you trade at a dealer, you pay the tax on the difference. If you trade privately, you're supposed to pay tax on the current market value of the vehicle. If you do pay a really low price on something, have it notarized and dmv won't question it. Don't mess around with taxation, their computers are pretty good and they'll catch up with you eventually. I found out, but didn't realize I had made a mistake thanks to the stupid Homestead Rebate.
__________________
69 Z28 JL8 4 wheel disc brakes - being restored
09 Silverado Z71
JL8Jeff is offline  
Old 01-21-2011, 08:58 AM   #12
Vinnie Madrox
 
Vinnie Madrox's Avatar
 
Join Date: Aug 2009
Location: HowELL, NJ
Posts: 83
iTrader: (0)
LoL
__________________

http://www.MAGMAlliance.com
Vinnie Madrox is offline  
Old 01-21-2011, 10:57 AM   #13
sweetbmxrider
Meet Coordinator
 
sweetbmxrider's Avatar
 
Join Date: Jan 2008
Location: brick/pt. pleasant beach
Posts: 19,339
iTrader: (12)
I would write trade. My dad gave me a car and I left the price open, never got a question or a letter about it.
__________________
sweetbmxrider is offline  
Old 01-22-2011, 09:32 PM   #14
Tru2Chevy
Co-Founder / Site Admin
 
Tru2Chevy's Avatar
 
Join Date: Jul 2004
Location: Ewing, NJ
Posts: 22,473
iTrader: (8)
Social Networks:

Quote:
Originally Posted by Vinnie Madrox View Post
It's not terrible advice, it's personal experiance. It's been 3 1/2 years since the last time i heard from them, i'm sure they won't "come back" lol
Just an FYI....a pretty close family member of mine is now having wages garnished (15% taken from every paycheck they get) for taxes that went unpaid to the state of NJ in the early 90s. This just started a few months ago. Don't assume anything, and if I were in your shoes I would go back to them with some sort of documentation stating what you actually paid and offer to pay the difference now. Interest and penalties add up very quickly and 10 years from now you could end up paying FAR more than you thought possible.

- Justin
__________________
1999 Camry - Beigemobile DD
2002 Suburban - Wife's DD
2004 Grand Cherokee - Not running / Project / Selling?

Tru2Chevy is offline  
Old 01-24-2011, 01:06 PM   #15
JL8Jeff
Hippy Mod, Bergermeister Meisterberger, Moderator
 
JL8Jeff's Avatar
 
Join Date: Aug 2004
Location: Ewing
Posts: 6,212
iTrader: (3)
And I just got another letter saying I owe the difference for my 2007 tax return due to the same problem! I guess I can expect another one next year as well.
__________________
69 Z28 JL8 4 wheel disc brakes - being restored
09 Silverado Z71
JL8Jeff is offline  
Old 01-24-2011, 01:55 PM   #16
Vinnie Madrox
 
Vinnie Madrox's Avatar
 
Join Date: Aug 2009
Location: HowELL, NJ
Posts: 83
iTrader: (0)
LoL
__________________

http://www.MAGMAlliance.com
Vinnie Madrox is offline  
Old 01-24-2011, 03:54 PM   #17
maroman88
12 Second Club
 
maroman88's Avatar
 
Join Date: Aug 2004
Location: Oradell
Posts: 8,367
iTrader: (11)
i duno what you're loling at?

when i bought my 98 trans am, i put a slightly lower price on the title, they sent a letter about the book value, in return i sent them copies of some receipts for work the car needed... aka tires, 'new' exhaust (slp loudmouth), and a few other small items, never heard a word back. so i guess if you prove your case of why u paid 'less' theyll leave u alone
__________________
86 Camaro
88 Camaro
95 Impala SS
97 Trans Am WS6
98 Blazer ZR2
00 Corvette
04 CTS-V
07 Sublime Charger Daytona
10 Tahoe SSV
12 Tahoe LT
17 Malibu LT
maroman88 is offline  
Old 01-24-2011, 06:16 PM   #18
Vinnie Madrox
 
Vinnie Madrox's Avatar
 
Join Date: Aug 2009
Location: HowELL, NJ
Posts: 83
iTrader: (0)
But thats my point. I ignored the letter, and never heard from them again. U sent in documentation, and got the same response....
__________________

http://www.MAGMAlliance.com
Vinnie Madrox is offline  
Old 01-24-2011, 11:52 PM   #19
HeadlessNorseman
 
HeadlessNorseman's Avatar
 
Join Date: Aug 2007
Location: Long Branch NJ
Posts: 706
iTrader: (0)
Quote:
Originally Posted by Vinnie Madrox View Post
But thats my point. I ignored the letter, and never heard from them again. U sent in documentation, and got the same response....



Quote:
Originally Posted by Tru2Chevy View Post
Just an FYI....a pretty close family member of mine is now having wages garnished (15% taken from every paycheck they get) for taxes that went unpaid to the state of NJ in the early 90s. This just started a few months ago. Don't assume anything, and if I were in your shoes I would go back to them with some sort of documentation stating what you actually paid and offer to pay the difference now. Interest and penalties add up very quickly and 10 years from now you could end up paying FAR more than you thought possible.

- Justin
hmmm.....
__________________
Formerly known as REED!

JSFBOA

Draino?
HeadlessNorseman is offline  
Old 01-25-2011, 07:17 AM   #20
Frosty
 
Frosty's Avatar
 
Join Date: Dec 2005
Location: Mays Landing, NJ
Posts: 7,108
iTrader: (1)
Quote:
Originally Posted by Vinnie Madrox View Post
But thats my point. I ignored the letter, and never heard from them again. U sent in documentation, and got the same response....
So because it "seems" like you got away with tax evasion it's OK to suggest it to everyone else? Yeah, great move genius. The state never forgets. The government never forgets. They may or may not come after you but they have the right to. If they feel like it they will. If you somehow come up on the radar they'll come after you.

It's cool though, keep suggesting that breaking the law is awesome and that other people will get away with it. Keep laughing about, hopefully it won't come up when you try to buy a house or something.
__________________
2018 Camaro 2SS Redline package, ESC Novi 1500 tuned by EFX, Might Mouse wild catch can, GM STB, smoked ZL1 3rd brake light, Xpel XR Black 35% tint all around, Street Scene front splitter, C7 Carbon ZL1 side skirts, Drake Muscle Car Wickerbill spoiler

2010 Infiniti G37x-Moonlight White w/Graphite interior. Stock...for now. Xpel XR Black tint(hey it's a mod lol)
Frosty is offline  
Old 01-25-2011, 01:15 PM   #21
Vinnie Madrox
 
Vinnie Madrox's Avatar
 
Join Date: Aug 2009
Location: HowELL, NJ
Posts: 83
iTrader: (0)
I will
__________________

http://www.MAGMAlliance.com
Vinnie Madrox is offline  
Old 01-25-2011, 01:20 PM   #22
emolineaux
 
emolineaux's Avatar
 
Join Date: Jan 2008
Location: Aberdeen,nc/columbus,nj
Posts: 1,449
iTrader: (17)
when i bought my 96 dakota for 1k i put that down and got a letter a few months later saying i owed taxes on $3500 (thats what they valued the truck at) i just had to call up and tell them that there was stuff wrong with it and everything was ok.

now my sonoma i bought for $600 and only put $100 down and never heard a word from anyone.

ive also done the trade/gift stuff and never got a letter.
__________________
Eric
07 Silverado 1500 5.3
01 Z28 6 speed
emolineaux is offline  
Old 01-25-2011, 07:20 PM   #23
HeadlessNorseman
 
HeadlessNorseman's Avatar
 
Join Date: Aug 2007
Location: Long Branch NJ
Posts: 706
iTrader: (0)
Quote:
Originally Posted by WiMiMc View Post
other than title transfer are there any other "fees" i would have to pay at the DMV?
just to answer this, its the basic title/registration fee. Its like 140 dollars to get a title and new plates, 90 something if you are transfering plates. PLUS the sales tax you write down, which is the the standard 7%
__________________
Formerly known as REED!

JSFBOA

Draino?
HeadlessNorseman is offline  
Old 01-25-2011, 07:39 PM   #24
NastyEllEssWon
 
NastyEllEssWon's Avatar
 
Join Date: Apr 2008
Location: Delran
Posts: 6,785
iTrader: (11)
Quote:
Originally Posted by Vinnie Madrox View Post
I will



lol non response doesnt mean the problem went away. since you chose to not respond to them they're probably just letting interest build up until they deem it a nice enough hike for them to use their resources to pursue you. not only are you not being smart about this....but also openly admitting it, in public, on a forum, using your real name as your handle and posting pics with your license plate in visible plain view...





lol not smart man. you know there are people that work for state agencies, taxation and dmv on this site too right??
NastyEllEssWon is offline  
Old 01-25-2011, 07:45 PM   #25
Frosty
 
Frosty's Avatar
 
Join Date: Dec 2005
Location: Mays Landing, NJ
Posts: 7,108
iTrader: (1)
Eh, what do you know? Didn't you get the memo? The younger crowd knows everything. . When he tries to get a house and gets a surprise he'll know what the deal is....
__________________
2018 Camaro 2SS Redline package, ESC Novi 1500 tuned by EFX, Might Mouse wild catch can, GM STB, smoked ZL1 3rd brake light, Xpel XR Black 35% tint all around, Street Scene front splitter, C7 Carbon ZL1 side skirts, Drake Muscle Car Wickerbill spoiler

2010 Infiniti G37x-Moonlight White w/Graphite interior. Stock...for now. Xpel XR Black tint(hey it's a mod lol)

Last edited by Frosty; 01-25-2011 at 07:46 PM.
Frosty is offline  
Closed Thread

  NJFBOA - Home of New Jersey's Camaros and Firebirds > Regional Forums > West Central Jersey

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

» Sponsor List














All times are GMT -5. The time now is 10:44 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.