Private car sales; recording low sales price?
250,000-mile Club President
Joined: Nov 2002
Posts: 4,770
From: Bizerkeley
Car Info: MBP 02 WRX wagon
Hate to be paying the taxes on this one-
http://latimesblogs.latimes.com/upto...m-bugatti.html
Or any from his collection;
Peter Williamson (my godfather) passed away last summer and the family put most of his collection up for auction, with the proceeds going to the medical foundation he started at Dartmouth.
The one that did not go on the block was his type 57SC Atlantic coupe of which his and Ralph Lauren's are the only two in existence.
http://latimesblogs.latimes.com/upto...m-bugatti.html
Or any from his collection;
Peter Williamson (my godfather) passed away last summer and the family put most of his collection up for auction, with the proceeds going to the medical foundation he started at Dartmouth.
The one that did not go on the block was his type 57SC Atlantic coupe of which his and Ralph Lauren's are the only two in existence.
Guys, there are a lot of ways to avoid the law and not be caught. This is why there's harsh penalties for these things like tax evasion and marjuana possession.
It's hard to get caught and you probably won't get caught, if you do get caught it sucks
DUI too - face it, it's pretty hard to get caught for driving drunk and we all know tons of people who drive drunk. But you get caught, you're f'd.
It's hard to get caught and you probably won't get caught, if you do get caught it sucks
DUI too - face it, it's pretty hard to get caught for driving drunk and we all know tons of people who drive drunk. But you get caught, you're f'd.
Something Custom
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sorry to hear pete...
how many did Jay Leno buy from that collection?
how many did Jay Leno buy from that collection?
Hate to be paying the taxes on this one-
http://latimesblogs.latimes.com/upto...m-bugatti.html
Or any from his collection;
Peter Williamson (my godfather) passed away last summer and the family put most of his collection up for auction, with the proceeds going to the medical foundation he started at Dartmouth.
The one that did not go on the block was his type 57SC Atlantic coupe of which his and Ralph Lauren's are the only two in existence.
http://latimesblogs.latimes.com/upto...m-bugatti.html
Or any from his collection;
Peter Williamson (my godfather) passed away last summer and the family put most of his collection up for auction, with the proceeds going to the medical foundation he started at Dartmouth.
The one that did not go on the block was his type 57SC Atlantic coupe of which his and Ralph Lauren's are the only two in existence.
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From: Newark / Alameda
Car Info: (2005 OBP STi - RIP), 2008 BMW M3
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From: Florida
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I got an “Occasional or Isolated Vehicle Sale Affidavit”
I've been trying to figure out the dynamic of private car sales for a while now. I know that when you register a new vehicle purchase you have to give them the purchase price and pay tax on that. However, I have heard many times of people recording the sales price wayyy below the actual so that they dont have to pay full tax on it. I'm talking $20,000 purchase, recorded at $5,000, netting an over $1200 savings on tax.
My question is this: do these people ever get audited/ is there an audit that goes out on someone if theres an obvious discrepancy in purchase price? Obviously something would look weird if someone bought a 1 year old lexus second hand and said they paid 5 grand for it...but is there a government agency that enforces this? I know this seems sketchy, but I've never bought a used car from a private seller (inhereted the first car, bought the current car from a dealer new) so I wouldnt know.
My question is this: do these people ever get audited/ is there an audit that goes out on someone if theres an obvious discrepancy in purchase price? Obviously something would look weird if someone bought a 1 year old lexus second hand and said they paid 5 grand for it...but is there a government agency that enforces this? I know this seems sketchy, but I've never bought a used car from a private seller (inhereted the first car, bought the current car from a dealer new) so I wouldnt know.
that basically said that both the seller and the buyer must sign the affidavit for the reported price. The car was bought at $40,000 and was reported at $5,000. How deep can they go if we both just sign that that was the price cause the engine was blown and had other mechanical problems?
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