Answers.com > Wiki Answers > Categories > Cars & Vehicles > Car Buying > Used Car Buying > Is there tax to pay whe selling a unregistered car?

Is there tax to pay whe selling a unregistered car?

In: Used Car Buying, Income Taxes, Sales Tax [Edit categories]

Answer:

YES. There should be some income taxes paid for the sale of a capital asset by the seller on the 1040 federal income tax return.
And by the buyer some taxes to the DMV when they try to register the unregistered vehicle that they are supposed to have purchased from the seller of the unregistered vehicle.

First answer by Mebrg. Last edit by Mebrg. Contributor trust: 32 Question popularity: 14 [recommend question].

[report abuse]

Can you answer these Used Car Buying questions?

	Does anyone know how to find out the name of a car owner in the UK from only the make and registration?	Answer it!
	Where to buy car with no AZ sales tax?	Answer it!
	What is the used car sales tax rate in Jackson County Georgia?	Answer it!
	What are the requirements to be a used car dealer in Mississippi?	Answer it!
	Is critical thinking listening to a salesperson list the reasons you should buy a particular car?	Answer it!

Relevant answers:

Do you have to pay taxes when selling a car?
The taxes will be payed with the new owner because it is now his responsibillity In virtually all states, the laws governing sales tax on vehicles is different than those on other items of personal...
Do you have to pay taxes when selling a car in Canada?
no no you do not. Mexicans will buy it cheaper and they wont charge tax.
Who is responsible to pay tax when selling a car privately?
As far as sales tax the buyer pays this.When there is a sale between two private parties, the buyer is responsible for paying the sales tax owed to the state and local taxing authorities. In most...
Do you have to pay the car tax if you sold your car?
Buyer pays tax.
Where do you pay car sale tax?
If you purchased the car from a dealership, the dealer collects it from you and pays it. If you purchased the car from a private owner, the county courthouse will collect it from you when you get it...