If I trade a sled to a private party for say 4000 and buy a sled from the same party for 7500, when I go to the DMV can I do the same as I would with a dealership, what I mean is can I only pay taxes on the extra 3500. Or will I be screwed and have to pay on the whole 7500. I know you can tell the dmv what ever you want but I hear these days they can look at your bank accounts and see how much your loan was for and then they will come after you with fines If the numbers don't add up. The thing is I will be getting the loan for the new sled for the full amount, to pay off what I owe on the other sled. I hope I didn't make this too confusing.
Question about licenseing a sled in Utah.
- Thread starter Needspeed
- Start date
I believe you just pay on the difference between the two sleds not on the entire amount but dont go just by my word since I dont know the law. You could possibly call the DMV and ask?
I guess I'll call the DMV nazis and ask them lol. Utah is so overpriced compared to other states. From what I have seen it is usually only half as much to license things in some other states.
yea add insult to injury, the out of state registration tag in utah is $35... wyoming out of state is $25... idaho out of state is $33 and montana is $60 for resident, but has no sales tax on sled
All combined its still cheaper than utah...You can always have the guy you traded 'gift' the title to you. I've done this on sleds before as the 'seller' and the 'buyer' didn't have to pay any taxes on it. If you're uncomfortable w/ that, just have the guy write you a bill of sale for $3500 and have him sign it. The DMV can't argue w/ the bill of sale.
~Gaz
~Gaz
Never heard about the Gift thing before. Good to know. I see a lot of gifts coming my way in the future.
Wonder if the Dealership can "Gift" my new Dragon to me. Ha Ha
Wonder if the Dealership can "Gift" my new Dragon to me. Ha Ha
Wow. Oregon, $10.00/2 years registration, doesn't matter how old the sled is. No sales tax, either. No wonder I like it here
WHen I first got into sledding I went down too license two sleds and a trailer and about passed out when she told me the total, 900 bones and everything was used. That put a heck of a dent in my sledding funds. But the gift thing I have heard a little about that, but it was more of a cash thing, or a tax shelter should I say but that is one hell of an idea. I'll gift him the money and he can gift me back a sled, it's like drawing names for christmas. HA HA SWEET!!!!
I gifted a 1995 Chevy van with no problems, however I think it has to be a family member. BTW does Utah still charge personal property tax every year before you can register your sled?
Ya they do still stick it to you yearly for everything, cars, trucks, rv's, atv's, sleds anything that they can. Alot of people don't keep there offroad stuff up to date, they just take the chance and figure a few years of not paying the taxes will save them a ton of money even if they get caught they'll just pay the fine. And still be money ahead.
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