BMW Lease Take Over in NY and Tax

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1

Hi,

I am in the process of doing a lease transfer for 2019 BMW X3 (I will be taking on the lease). I am reading different information in regards to the tax. I know that in NY, you have to pay the taxes up front.

If I take on the lease, am I going to get taxed on the monthly payment?

2

You’ll owe tax on the sum of the remainder of the monthly payments.

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3

Got it so if the monthly payment is $400 with 12 month left. I get taxed on $4800?

So $4800*8.875% = $426? Do I roll this into the monthly payment or 1 time payment?

4

BMWFS will follow the rules of the state. Most likely a one-time payment.

5

Awesome. Thank you so much!

6

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