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TN Used Car Sales Tax

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Old 02-28-2014, 08:08 PM   #1
cfree5119 [OP] cfree5119 is offline
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TN Used Car Sales Tax

Hey Guys...

I just sold my 03 Tacoma not too long ago. I am using all those proceeds to purchase another vehicle. What is the best way to minimize the taxes on the new vehicle I purchase? Is there a way I can show the DMV that it was a trade or how would that work? THank you.
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Old 02-28-2014, 08:42 PM   #2
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In MA, you pay tax based on actual $$ paid or book, whichever is higher.

If you buy from a dealer, it is based on actual $$ paid.

If you trade directly, the amount of the trade is not taxed.
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Old 03-01-2014, 01:29 AM   #3
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Quote:
Originally Posted by cfree5119 View Post
Hey Guys...

I just sold my 03 Tacoma not too long ago. I am using all those proceeds to purchase another vehicle. What is the best way to minimize the taxes on the new vehicle I purchase? Is there a way I can show the DMV that it was a trade or how would that work? THank you.
I believe in TN you pay sales tax on the difference in the sale price of your old truck and the purchase price of your new truck. That said, again I believe, both transactions need to happen within 30 days of each other or you forfeit and pay on the total purchase price.

I'd look it up to be safe. I'm just going from memory from certain states I've bought and sold vehicles.
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