If transfering a leased car from one person to another in the same state, do you have to pay sales tax again?

Question

Here is the deal. I live in New York and I am interested of taking over a BMW lease from someone else who lives in NY. The original owner paid the sales tax up front when he leased the car. My question is: If I take over the lease, will I have to pay sales tax again?

Answer 1

Sales tax is normally calculated monthly, so normally you would continue to pay the tax. If you just taking over the lease, and the tax is paid to the end, you should not get a tax bill. If it is being written as a new lease, you will pay tax. The leasing company should have told you up front what the tax implications are.

Answer 2

Sales tax in many states is based on the sale price or value of the car when transferred. If no money changes hands to "sell" the car, then many tax appraisers take the value of the car as its sale price and charge sales tax on that value. Check with your local Tax Accessor/Collector to ask specifically about lease transfers.

Answer 3

it relies upon on which state it incredibly is, some states require you pay the tax once you purchase the vehicle and then while you're registering in a different state, you will pay the version or get a reimbursement. I dont entire comprehend your question. now and returned, once you purchase a automobile and have in basic terms had it a quick quantity of time and you adjust your abode of living to a different state, the hot state will make you pay revenues tax (PA does this).

Answer 4

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