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Verification please
#12607902
02/02/18 11:14 PM
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Joined: Feb 2017
Posts: 573
ETXfisher91
OP
Pro Angler
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OP
Pro Angler
Joined: Feb 2017
Posts: 573 |
I'm looking at a bass boat right now... But I am waiting for mine to sell... I really don't want to wait so I'm thinking of the trade in method but want some clarification first... If I trade in, the boat dealer will pay my other boat off and I will have the leftover balance to pay off correct?? Say I trade in 13,000 towards a 20k boat. I have 7,000 left to pay on the new boat?
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Re: Verification please
[Re: ETXfisher91]
#12607915
02/02/18 11:27 PM
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Joined: Nov 2008
Posts: 7,616
361V
TFF Celebrity
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TFF Celebrity
Joined: Nov 2008
Posts: 7,616 |
Ya, its really that simple....assuming they are actually giving you your anticipated trade in of $13,000 PLUS your payoff on your used trade in boat. You will still owe taxes on the balance of the $7000 and the title and licensing fees.
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Re: Verification please
[Re: ETXfisher91]
#12607924
02/02/18 11:35 PM
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Joined: Feb 2017
Posts: 573
ETXfisher91
OP
Pro Angler
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OP
Pro Angler
Joined: Feb 2017
Posts: 573 |
Okay lol I thought so just seemed to simple. I appreciate it!!!
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Re: Verification please
[Re: ETXfisher91]
#12607965
02/03/18 12:20 AM
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Joined: Mar 2017
Posts: 1,329
pchapin
Extreme Angler
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Extreme Angler
Joined: Mar 2017
Posts: 1,329 |
You will own sales tax on $20,000 not on $7,000.
“No reasonable person would conclude that the statements were truly statements of fact” P01135809
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Re: Verification please
[Re: ETXfisher91]
#12607982
02/03/18 12:43 AM
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Joined: Jun 2011
Posts: 2,235
Jimfishes
Extreme Angler
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Extreme Angler
Joined: Jun 2011
Posts: 2,235 |
If your boat was paid off, it would be as simple as them subtracting the trade price from the selling price of the new boat. Example:
$20,000-sale price -$13,000-trade -------------- $7,000 difference + TTL.... -------------- $7,500 total drive out
But if you have a lien on your current boat it is not that simple....
If they give you $13,000 trade but you owe $10,000 for example, that is a $3000 down payment off the $20,000...
$20,000 price -$13,000 trade --------- $7,000 difference +$500 ttl --------- $7,500 total difference +$10,000 payoff balance (what ever your pay off is) --------- $17,500 total due (will vary depending on your po)
Last edited by Ol Man River; 02/03/18 12:59 AM.
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Re: Verification please
[Re: pchapin]
#12607983
02/03/18 12:46 AM
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Joined: Jun 2011
Posts: 2,235
Jimfishes
Extreme Angler
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Extreme Angler
Joined: Jun 2011
Posts: 2,235 |
You will own sales tax on $20,000 not on $7,000. You only pay taxes on the trade "difference"
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Re: Verification please
[Re: pchapin]
#12607999
02/03/18 01:02 AM
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Joined: Jan 2012
Posts: 1,433
Clark3
Extreme Angler
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Extreme Angler
Joined: Jan 2012
Posts: 1,433 |
You will own sales tax on $20,000 not on $7,000. Not true. You only pay races on the difference in trade in and new boat price. One of the advantages to trade in versus selling outright
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Re: Verification please
[Re: Clark3]
#12608001
02/03/18 01:02 AM
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Joined: Jan 2012
Posts: 1,433
Clark3
Extreme Angler
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Extreme Angler
Joined: Jan 2012
Posts: 1,433 |
You will own sales tax on $20,000 not on $7,000. Not true. You only pay taxes on the difference in trade in and new boat price. One of the advantages to trade in versus selling outright
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