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Posted by Drew Edmundson on November 17, 2006, 1:19 am
Please log in for more thread options > zutalors212@yahoo.com wrote:
>> I've got some questions on the purchase and subsequent sales
>> of a 2nd hand car.
>>
>> 1. I paid a 5% tax on this car the day that I purchased it. Could I
>> get a reimbursement since I didn't use the car for the whole year?
> Not if it was sales tax. The sales/use tax is not an annual
> tax; it is a tax imposed on the sale transaction and would
> apply if you had used the car for only one day.
>
> Unless it qualifies for an occasional sale exception (as
> sales of vehicles by private parties often do, depending on
> the state), your sale of the car to a third party is also
> subject to sales tax.
>
> If the tax you paid was a registration fee or ad valorem tax
> paid on registration, it is paid for the period you use the
> car -- no refund for a partial year. The subsequent owner
> may get a few months' free ride on your registration fee,
> again depending on state law.
A bit off topic, in NC you can actually get a partial refund
of the personal property tax. I have never personally found
it worth the effort because I usually drive my cars until
they are almost worthless.
---
Drew Edmundson, CPA
Cary, NC
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