11-08-2015, 11:23 PM | #1 |
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Question about trade-in sales tax allowance and cash-back
Featured on BIMMERPOST.com When the deal was made, I told the dealership that I don't want to apply any of the money that they are giving me for the trade-in towards the sale price. They agreed; they also told me that I am still eligible to receive the sales tax break due to the trade-in, and when they calculated the monthly lease amount, it was smaller than what I got using lease calculators (with the full sale price as the tax basis). I am wondering whether what they said is correct. I would tend to think that any cash-back that I get from the trade-in cannot be used to reduce the sales tax. On the New Jersey website, I couldn't find anything that addresses cash-back on a trade-in. While searching the web, I came across some documentation from the state of Illinois that specifically identified this scenario and pointed out that any cash-back on the trade-in cannot be used to reduce the taxable amount. Anyone come across this situation? If so, in what state and how was it handled?
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'19 G01 X3 M40i Phytonic/Oyster
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