Lease Transfer Tax
10-31-2006, 10:01 PM
#1
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Location: DFW TX
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Lease Transfer Tax
Anyone know if there is a way to claim a tax exemption on a lease transfer?
A bank owns the car. Lease holder is in Texas and paid sales tax to bank to pay TX up front. Lease "wanter" in New York wants to assume lease but New York wants sales tax. Anyone know of a way to get a tax credit in TX or a tax exemption in New York? Thanks in advance!
A bank owns the car. Lease holder is in Texas and paid sales tax to bank to pay TX up front. Lease "wanter" in New York wants to assume lease but New York wants sales tax. Anyone know of a way to get a tax credit in TX or a tax exemption in New York? Thanks in advance!
10-31-2006, 10:37 PM
#2
Taxes on leases are only paid on the payment figure and on a monthly basis. Example lease payment of $500/mo before tax, with tax included in MI at 6% is $530/mo. Hope this makes sense.
Andy
Andy
