Utah Sales tax, Used bighorn, private sale.
- Thread starter scubabri
- Start date
danemayer
Well-known member
Link to Utah Info.
[h=2]Does the Seller Need to Collect Sales Tax?[/h]In a private-party car sale, a seller (who is NOT a dealer) is not required to collect sales tax on the transaction. The purchaser will pay the sales tax at the time the vehicle is titled and registered at the Utah Division of Motor Vehicles.
[h=3]Calculating Sales Tax With a Bill of Sale[/h]If the purchaser of the vehicle obtains a signed bill of sale from the seller of the vehicle, the amount of sales and/or use tax to be collected will be based upon the net purchase price shown on the bill of sale, if it contains the information described above.
[h=3]Calculating Sales Tax Without a Bill of Sale[/h]If the buyer did not obtain a signed bill of sale from the seller (or the bill of sale does not meet the requirements described above), the DMV will calculate the amount of sales or use tax based upon the “Fair Market Value”. Fair Market Value is based on the depreciated cost new as established by the Tax Commission in Rule R884-24P-33.
If the person registering the vehicle wishes to dispute the use of “Fair Market Value” he or she may, at the owner’s expense, obtain a certified appraisal on the vehicle from a licensed and bonded Utah auto dealer, an authorized insurance adjusting firm, or obtain a bill of sale which meets the specifications listed above.
The sales tax amount will then be calculated and collected on the lower of the fair market value, certified appraisal or acceptable bill of sale for the vehicle purchased.
[h=2]Does the Seller Need to Collect Sales Tax?[/h]In a private-party car sale, a seller (who is NOT a dealer) is not required to collect sales tax on the transaction. The purchaser will pay the sales tax at the time the vehicle is titled and registered at the Utah Division of Motor Vehicles.
[h=3]Calculating Sales Tax With a Bill of Sale[/h]If the purchaser of the vehicle obtains a signed bill of sale from the seller of the vehicle, the amount of sales and/or use tax to be collected will be based upon the net purchase price shown on the bill of sale, if it contains the information described above.
[h=3]Calculating Sales Tax Without a Bill of Sale[/h]If the buyer did not obtain a signed bill of sale from the seller (or the bill of sale does not meet the requirements described above), the DMV will calculate the amount of sales or use tax based upon the “Fair Market Value”. Fair Market Value is based on the depreciated cost new as established by the Tax Commission in Rule R884-24P-33.
If the person registering the vehicle wishes to dispute the use of “Fair Market Value” he or she may, at the owner’s expense, obtain a certified appraisal on the vehicle from a licensed and bonded Utah auto dealer, an authorized insurance adjusting firm, or obtain a bill of sale which meets the specifications listed above.
The sales tax amount will then be calculated and collected on the lower of the fair market value, certified appraisal or acceptable bill of sale for the vehicle purchased.
