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Sales tax credit applicable?
Hoping someone can shed some light for me.
car 1 - Lease - payoff $50k - estimated value $58k
trading for
used car 2 - Purchasing(not leasing again) - cost 57k - net retail $49k (after 8k equity from trade)
My question, do I still pay Nevada sales tax on the 49k retail cost of the new car or is sales tax null because of the trade in tax credit offered in NV.
Dealer is telling me that my financed OTD price is 54k because of the 8% sales tax.
Im thinking it should only be the net 49k because of tax credit unless I'm understanding it wrong
car 1 - Lease - payoff $50k - estimated value $58k
trading for
used car 2 - Purchasing(not leasing again) - cost 57k - net retail $49k (after 8k equity from trade)
My question, do I still pay Nevada sales tax on the 49k retail cost of the new car or is sales tax null because of the trade in tax credit offered in NV.
Dealer is telling me that my financed OTD price is 54k because of the 8% sales tax.
Im thinking it should only be the net 49k because of tax credit unless I'm understanding it wrong
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I know in NJ that you don't get sales tax credit if you trade in a lease. Maybe on the equity piece, but definitely not on the residual buy out piece.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
I agree with @stickguy
You didn't pay sales tax on your trade-in when new. The tax was deferred, as it was sold to the bank. In NV, you were taxed on the monthly lease payment. So, there is no credit to be given.
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