I deeeed.
copy, paste onto browser input, let it load then copy from browser input and text.
Can we add a capitalize sales tax radio button for states that tax on sale price?
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For which state and what is the formula applied? What figure do they use to account for interest?
I have read through a few states’ tax guidelines and they all capitalize taxes slightly differently. The New York tax guide says it depends on the dealer for example. It would be helpful to have more inputs from businesses and users from states that levy taxes on selling price/total lease cost. Demo of real lease contracts that have taxes capitalized help too! Thanks.
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I’m a VA resident and have been combing through posted contracts to determine exact tax calculations, both capitalized and not, in states like VA, MD, and Texas. I will send along formulas to you after I substantially stress test my model, assuming no one (yourself included) beats me to the punch.
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NY is an outlier; other upfront states like NJ are straightforward.
The only thing you have to avoid is a circular reference (capped tax increases the payment which increases the capped tax and so forth ad infinitum).
So you just have to make sure there’s only one iteration of the tax being calculated and capped.
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That’s not a problem. The current zero drive-off option capitalizes taxes on the total lease payment that way as advised by the NY tax guideline, assuming 0% interest rate to finance the upfront tax. The Leasematic figure @IAC_Scott showed, however, does not use the same formula from what I understand, therefore I want to confirm with other folks in states where taxes are levied on the total lease payments to see how the taxes are normally capitalized.
Not sure why you would assume 0%? Capped taxes would be financed at the MF just like any other capped item.
NY is an outlier and the discrepancy there is related to sales tax on capped taxes.
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0% for additional interest, not referring to MF.
I still haven’t been able to figure it out. I even tried taking the amount of tax it calculates before hitting the cap taxes button, and then applying tax to that number, and it is still off by a little bit. I’ve trying manually calculating the tax on all the different taxable line items, adding those up, in different ways, and taxing them, and I can’t find any combo that matches exactly.
When calculating taxes, does your state include acquisition fees and dealer fees into the tax base? Mind sharing a sample contract?
Just FYI for VA: it does not.
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I think in NY, anything that isn’t already a tax itself, is taxed, from my understanding.
Great. There are many similar applications for calculating, but I think this one will not hurt, I will try it next month.
Option to capitalize tax added to the calculator, customizable for NY state.
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can you also add nissan MSDs lol
This is great for NY. Thank you!
Is it a national program? What is the policy? We are not familiar.
doesn’t save much, but it’s also not a lot of MSD.
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In Va, the Doc Fee is taxed no? Acquisition is not.
Speaking of fees, @wam22 just explained to me that the acquisition fee for Porsche has increased from $895 to $1095. @littleviolette Could you make that adjustment as well?
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