Trading CUT For A Pickup--Sales Tax?

[npalen]

How to Transfer Your Car Title in Kansas

Kansas procedure for transferring a vehicle title when buying, selling, inheriting, or donating a car. Learn all the KS DOR's requirements to officially change ownership of a vehicle.

www.dmv.org

Kansas apparently allows for transfer of title as a gift per the above. Not sure, however, if trading for equal value would be considered a "gift".

 

[hornett22]

Depends on the state you live in. No registration for tractors so who gets the tractor should have no worries.

 

[ruffdog]

What if a person depreciated the value of a CUT used in a business down to nearly nothing, then traded the CUT on a truck? If the tractor was depreciated down to $2000 but the truck dealer gave him $12000 for it on trade, wouldn't there be some tax issues there? Just wondering....

 

[LD1]

What if a person depreciated the value of a CUT used in a business down to nearly nothing, then traded the CUT on a truck? If the tractor was depreciated down to $2000 but the truck dealer gave him $12000 for it on trade, wouldn't there be some tax issues there? Just wondering....

Yup. That would be capital gains tax though, not sales tax

 

[Williy]

I would type up: Traded tractor for
pickup even trade.
Have seller and buyer sign
As no money invoked no TAX!

willy