Seeking hep with few tax questions?

Question

Hi All,
I have a used personal car for sale and I wonder if I sell the car out, will I need to pay sales tax or use tax? Also, what is use tax? does NY collect use tax? Normally, when it comes to sales of property between non merchants, who pays sales tax, the seller or buyer?

Answer 1

You must pay sales tax. it is actually on the nydmv change of ownership form. Usually the seller reduces the amount of money he pays you the amount of the sales tax and gives it to the dmv when registers new car.

Answer 2

If you sell the car for a profit, then you'd owe income tax on the profit - most of the time, a person sells a car for less than they paid for it, so don't owe anything.

Use tax is kind of a substitute sales tax if you buy an item out of state and don't pay sales tax on it. The buyer is the one who normally pays sales tax - if you sell your car in a private transaction, the buyer will pay it when they go to register the car.

Answer 3

any sale between private parties is non taxable, you do not pay sales tax to the state - nor collect it on the sales price.
new york collects use tax ( at the same rate as sales tax) on the use of services. examples, phone service, hotel stays, detective services a.s.o.
i hope this answers it for you.

Answer 4

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