- Location
- Columbus, In
As long as its an even trade i'd think you wouldn't have to pay taxes.
Flexd'but i've been wrong before'XJ
Important
- Thread starter bshaw
- Start date
As long as its an even trade i'd think you wouldn't have to pay taxes.
Flexd'but i've been wrong before'XJ
- Location
- Michigan
- Location
- NE Indiana
XJ&CHZ4ME
NAXJA Forum User
- Location
- Unionville, MO
mac, each state may be different, but Missouri if you sell a vehicle or trade a vehicle, you only pay tax on the difference in price. It use to be that it was a "like, kind" exchange where it had to be auto for auto, boat for boat etc. I believe that may have been overturned a few years back so now it is if it is a plated item, albeit a trailer, boat, car etc, it is paid upon the difference in price if one is more than the other, if you are trading down, all it would include would be title and registration fees.
Cheese "used to get a new car every six months before we had a child" Man
Cheese "used to get a new car every six months before we had a child" Man
POLAR_JEEP_04
NAXJA Forum User
- Location
- Ohio
Can we call you Farva?
But I don't want a large farva! I want a liter of cola!
Smash Hole
GFY
- Location
- Smash HQ
Pretty sure you do in IL as well when you transfer the title.
They changed it all up last January
- Location
- NE Indiana
Document somehow on the title that you traded...with no money changing hands and you shouldn't have to pay sales tax...however they wouldn't tell me exactly how to fill the title out...
they did say that a bill of sale explaining things would be a good idea...
mac 'from the horses mouth' gyvr
they did say that a bill of sale explaining things would be a good idea...
mac 'from the horses mouth' gyvr
- Location
- NE Indiana
so...has anyone done this or am I going to be the guinea pig (no pun intended) if I do this trade...
mac 'have a call in with the bank for a loan on the rv to pay the truck off' gyvr
mac 'have a call in with the bank for a loan on the rv to pay the truck off' gyvr
BRIANHO13
<- Yum Chocolate
- Location
- Spring, TX
There is a spot on the indiana title for trade in value.....that's all the help I am.
Didn't you say you were swapping in GA? Ask in southest forum what thier titles have on them.
- Location
- Warsaw, IN
For the last half dozen straight up vehicle trades i have done, all i have done is put $200 in the purchase price section on the title and turn it in the the dmv to get titled. I have actually been sent out of the DMV to change the "0" in the purchase price and bring it right back in so they can do the paper work.
- Location
- NE Indiana
Yes, Georgia, he sent me a pic of the front of the title and I don't see it on there, so the sign off must be on the back...hopefully with a trade in spot.
mac 'se guys?' gyvr
mac 'se guys?' gyvr
RAM-ROD
NAXJA Forum User
- Location
- Libertyville IL
Ok.......So as many of you know my screen name has nothing to do with Super Troopers....Yet many quote lines that I have no idea what they are talking about.....Well I watched it last weekend..... I have to say I almost peed myself several times.....Good stuff
Ram" What does this say? Say it...." car Ram-Rod" Rod.......
Ram" What does this say? Say it...." car Ram-Rod" Rod.......
- Location
- NE Indiana
If we were talking about something less than a couple grade in value, I wouldn't have a problem with doing this...
mac 'otherwise it might raise a red flag' gyvr
- Location
- Lafayette, IN
The key phrase to throw around is going to be "like-kind exchange." I can't find any definitive IN BMV information on how this works with two private parties, but the allowance that dealers get only applies to trades of the same type. So for instance, trading a motorcycle for another motorcycle, or a trailer for another trailer.
There is a special allowance for trading a non-motorized RV for a motorized RV (or vice-versa) which is definitely applicable in your case. To strictly follow this would mean you would have to pay tax on the difference in value between your trailer and his RV, and he would have to pay tax on your pickup.
It's crap but with it being out-of-state I can see things getting weird. Maybe pick a nice-and-low "hell of a deal" price and go with that? Not as good as free but saves you some money still. I've never been questioned on a purchase price either, as long as they can say they did their job the employee won't really care, and if you are giving them a grand in tax they are more likely to ignore it than come hunt you down to ask questions.
There is a special allowance for trading a non-motorized RV for a motorized RV (or vice-versa) which is definitely applicable in your case. To strictly follow this would mean you would have to pay tax on the difference in value between your trailer and his RV, and he would have to pay tax on your pickup.
It's crap but with it being out-of-state I can see things getting weird. Maybe pick a nice-and-low "hell of a deal" price and go with that? Not as good as free but saves you some money still. I've never been questioned on a purchase price either, as long as they can say they did their job the employee won't really care, and if you are giving them a grand in tax they are more likely to ignore it than come hunt you down to ask questions.
- Location
- NE Indiana
In that case my trailer is worth what the RV is worth and the truck was thrown in for free...
mac ':scottm:' gyvr
- Location
- Southwest IN
Have you and the other guy fill out state form 37964, located in the General forms section here: http://www.in.gov/bmv/2366.htm
Have him write up a statement that sums up the transaction; i.e. 'Guy 1 is trading Vehicle 1 and Trailer 1 to Guy 2 for RV 2 with zero dollars exchanged.' May not hurt to have the forms notarized. I have had success making impossible transactions work at the BMV with that affidavit.
Have him write up a statement that sums up the transaction; i.e. 'Guy 1 is trading Vehicle 1 and Trailer 1 to Guy 2 for RV 2 with zero dollars exchanged.' May not hurt to have the forms notarized. I have had success making impossible transactions work at the BMV with that affidavit.
- Location
- NE Indiana
Great link.
I used the bill of sale on that when bought that first enclosed trailer I bought that didn't have a title.
mac 'that was a miracle title to get' gyvr
I used the bill of sale on that when bought that first enclosed trailer I bought that didn't have a title.
mac 'that was a miracle title to get' gyvr
POLAR_JEEP_04
NAXJA Forum User
- Location
- Ohio
Dude it's so funny!
terrehautian
NAXJA Forum User
- Location
- Terre Haute
Love the opening scene of that movie.
http://www.youtube.com/watch?v=0PKtGnyGuKM
terre "do you boys like Mexico" hautian
- Location
- Michigan
Bringing burgers to Big Rapids today.
Keeping chedda supplied with greasey food.
Keeping chedda supplied with greasey food.
