I just sold a car on Cargurus today. If I buy a car on Car Gurus is there any tax benefit for netting the two transactions?

Asked by GuruB8P34 Apr 18, 2019 at 08:26 PM

Question type: Car Selling & Trading In

1 Answer

270,805

Not in my state. The buyer pays the sales tax on your old car and you pay the sales tax on the one you buy. The two do not cancel out. Unless you sell a car at a profit there is no tax benefit such as a 1031 exchange which (I think) is no longer possible.

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