Quote:
Originally Posted by 93cruiser
Wow, that is crazy. I couldnt see paying tax on two expensive trucks so close together, and that is not taking in to account what was lost in depreciation on the 08.
Good luck with the truck, not trying to bring down the party. Your front bumper wont rust either!
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I have no idea what the difference in the cost of the truck he purchased and the amount that they gave him for his trade was but only the difference would be taxed. Say he paid 30k for the new truck and they gave him 28k for his he would only pay tax (prob. 6%) on the 2k difference. Thats the way it works here in Florida anyway. I would think the hit came from the depreciation on the 08 he traded.