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    kimbo19's Avatar
    kimbo19 Posts: 1, Reputation: 1
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    #1

    Jun 22, 2012, 08:13 AM
    Ian purchased a used car for 2500 how much tax did he pay?
    How much did ian pay in taxes for buying a new car for 2500
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #2

    Jun 22, 2012, 08:15 AM
    Quote Originally Posted by kimbo19 View Post
    how much did ian pay in taxes for buying a new car for 2500
    And you think ANYONE can possibly answer that question with just what little you told us? Sounds like a homework question anyway...
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jun 22, 2012, 08:20 AM
    If you bought a NEW car for $2,500, then it was STOLEN.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jun 22, 2012, 08:22 AM
    Now, a USED car for $2,500, that's more plausible.

    You probably owe a sales tax (which varies from state to state) and probably a transfer tax (also varies from state to state).
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #5

    Jun 22, 2012, 09:03 AM
    Quote Originally Posted by AtlantaTaxExpert View Post
    If you bought a NEW car for $2,500, then it was STOLEN.
    Right... I missed that... you can't even buy a new NANO for that price...

    Most certainly this is a homework question and it's a very old textbook.

    There are site rules about giving out homework answers to people that never tried to do the homework.
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