06-13-2016, 06:31 AM | #1 |
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Has anyone done a lease swap in Texas?
I am trying to get out of my lease in TX and am trying to figure out how the taxes work. I leased the car in CA, and now moved to Texas and am trying to have someone assume the lease from me so I can get into a house. Since both states tax differently, (CA on payment, TX on full price of vehicle) how would this work and what would Texas charge to register vehicle. Anyone have any experience on this? I have searched and can't find any concrete info...
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06-13-2016, 05:31 PM | #2 | |
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Quote:
http://comptroller.texas.gov/taxes/ I do know Texas taxes on the full selling price of the vehicle, regardless of purchase or lease. Even though you already paid the sales tax when you initially purchased/leased the vehicle, most states will operate under the assumption that it is a taxable transaction when it's resold/lease transferred to another owner. Often the only way out of this is to "gift" it from one party to the other, however states generally have strict rules regarding this (e.g. a friend can't gift to a non-relative, but a father may gift to his sun, barring state specific rules). |
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