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Discussion Boards > Active Subjects > Messages as Posted > Current Events Forum

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 05-20-2004, 20:33 Post: 86477
ncrunch32



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Join Date: Dec 2003
Location: Kingston, NY
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster
Posts: 762

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  State Sales Tax

When you purchase any type of vehicle in a private deal make sure you don't "accidentally" understate the value of the transaction. I recently purchased a 21' bowrider in private deal. NY State matches the transaction to the used book value and highlights it if the transaction is out of whack. Net effect: one must pay tax according to reasonable used book value. Penaly for underpayment amounts to about an additional 5% over 8.5% tax which must be paid. Computer database matching is everywhere. A lesson not to be repeated. So Sad






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 05-21-2004, 12:09 Post: 86520
ncrunch32



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  State Sales Tax

Art, I had a receipt and they took it all in at the DMV office and issued a registration when I purchased the boat - taxed me on the amount of the receipt. 6 months later they do a computer run and find that the amount on the receipt is significantly less than fair market value. Then they send you a letter stating that they already contacted the seller, they want your cancelled checks, they will contact your insurance company if necessary to determine value, etc. Then a second letter comes stating that the seller told them the vehicle was sold for more than the receipt indicated. They offer you a choice -a) pay up with penalties included, or b) offer some explanation which they may or may not accept.






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