Does Illinois offer tax credit on the Trade-in Value or the Trade-in Equity?
payment stopped updating when you trigger mileage…
We disabled the auto mileage adjustment based on residual adjustment because people were getting confused. It seems like it’s causing equal confusion when it doesn’t auto-adjust…
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Please enable it lol. it’s very useful.
Florida is trade-in value for tax credit calculation.
Trade-In Allowance
A registered motor vehicle dealer may deduct a trade-in allowance from the taxable sales price of a motor vehicle when, in a single transaction, tangible personal property (not real property) is traded as part of the motor vehicle sale. If the sale is between individuals (not registered with the Department), the purchaser must, in a single transaction, trade an aircraft, boat, motor vehicle, or mobile home for the motor vehicle being purchased.
Does Trade-In Allowance always mean Trade-in Value? I wasn’t sure if it’s the Gross Trade-In Allowance or Net Trade-in Allowance (after deducting Trade-In Payoff).
Payoff is not used for tax credit in FL.
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Value. So if you trade in is $60k and you are buying a $100k car, you are taxed on $40k.
Just to confirm: if you trade-in a $60k car which has a $30k payoff balanced to buy a $100k car, you are taxed on $40k not $70k?
Correct. Payoff is irrelevant to the taxable portion.
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The mileage/residual value auto-adjustment has been reinstated.
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thanks v much
can you please also fix the glitch where capping / uncapping the bank fee doesn’t change the pmt?
That was fixed, no?
Only with reg and doc. Bank fee still messes up
It has been working for me… try clearing cache again? Or could you outline steps to replicate the issue please?
what source are people using to determine residual/re-sale value/% for financed cars?
@littleviolette @michael Mercedes updated their programs and MSD now reduce the MF by .00004 instead of .00007.
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Just updated the calculator to reflect the new MB MSD.
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