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sales tax in massachusetts
How much is the DeLorean valued at in massachusetts for sales tax purposes? I looked up the NADA value but it shows MSRP, low average and high values. just curious how much of a hit i'm gonna get when i gotta pay the 6.25% sales tax when i register next week
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President, DeLorean Industries
However much you actually paid for the car on the bill of sale/title is what you will be paying sales tax on.
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Originally Posted by
Delorean Industries
However much you actually paid for the car on the bill of sale/title is what you will be paying sales tax on.
YUP !
https://www.salestaxhandbook.com/mas...n%20the%20page.
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Massachusetts doesn't allow you to use a bill of sale for tax purposes, the rmv just laughs at you if you bring one in.
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In Minnesota you don't have to pay the tax if you go collector.
When I registered mine the gal told me how much the tax was and my jaw hit the floor. She saw my reaction and said if you go collector you don't have to pay it. What a scam. I'm glad she told me of the loophole I never would have known.
Ya there is certainly some limitations but law enforcement controls that. I never been bothered by them.
Dave B.
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A lot depends on the State and what mood they are in at the DMV. Here in New Jersey they go by whatever you put on the Title. You don't have to have a Bill of Sale but they do like to see it if you have it. If you price it really low they will call you and ask you to defend the price so if you have pictures and/or repair bills they will accept it if you got it cheap. Since condition affects the price of an old car so much you can save a lot if you can show that you bought it at a low price. BTW in NJ at least, you can Title a car and not pay any sales tax. You pay the sales tax when you register it. If you buy a Delorean and you don't plan on driving it for a while, (needs repairs, middle of winter, etc) you can Title it right away and when you are ready to drive it you get the registration and plates. I would recommend getting insurance on it right away but if you aren't driving it right away, you don't need liability, that is the most expensive part of the insurance.
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Who from Massachusetts can help answer this for me? What NADA value do they go by for value at the registry?
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Originally Posted by
Delorean Industries
However much you actually paid for the car on the bill of sale/title is what you will be paying sales tax on.
It’s been a while since I’ve lived in Mass, but the Registry of Motor Vehicles determines the cars value and charges you tax accordingly. This was done to prevent people from falsely claiming they “only paid $1” and therefore prevent the state from collecting its share.
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Motors about after dark
I hope you don't have to pay "town tax".
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Administrator
Originally Posted by
CFI
It’s been a while since I’ve lived in Mass, but the Registry of Motor Vehicles determines the cars value and charges you tax accordingly. This was done to prevent people from falsely claiming they “only paid $1” and therefore prevent the state from collecting its share.
Same here.
They were getting 'their fair share' -- Now its Ad Valorem, every time it passes hands (usually).
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