Leased a 2021 Durango in NY through cula. Moving to Georgia in January, lease is up in May. My question is Georgia has a title tax on Fair market value, which I’m ok with. My question though, is will I have to pay the buyout price, plus NY tax, then the Georgia tax on the new title for Georgia?? Or just the tax on buyout in Georgia??? Confused please help, thanks
You should’ve paid the NY tax already right?
Normally it’s just the new state (if you move the lease before your buyout)
I’m not sure how tax in NY works? Tax on lease amount? Or full sale price.
I believe you prepay the lease payment taxes ahead of time. So if you move, you don’t get them back.
I don’t live in NY so I don’t know all the rules, but leaving the state, the new state tax rules on payments come into play.
If you buy/register in GA, you’ll just pay GA tax.
Make sure your CU has your current address so you’re not inadvertently charged NY tax.
Tax on lease amount.
I’m basically going to move to Georgia in January, would have 4 payments left, leave it registered in NY, but buy out lease after 4 payments, and register/title it in Georgia too at that point