USA Car Sales Tax in California


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Hello,
When I buy a used car and pay the tax, but decide to sell that same car about a month later, can I get back the tax I paid since I only kept the car for about a month? Or, I cannot get it back?

Thanks in advance :)
 
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kirby

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Given your described situation, you cannot get the tax back. And when you sell the car, you are supposed to collect sales tax from the buyer and send that tax to Calif.
 
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Thanks.

I actually sold the vehicle to a private party, which got the loan from a bank. We both went in the bank and the bank did the financing for the buyer. I bought the car before tax and fees for $$42,400 and after tax & fees = $46,508.

When I file my tax return, am I able to claim the loss? If so, which amount will be considered as the "loss" (42,400 or 46,508)? And, if I claim this loss, does this mean I'd have to "Itemize" and not do the "Standard Deduction"?

Thank you
 
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And, I saw the bank representative calculate the buyer's tax as their responsibility.
 
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kirby

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If this was a car for your personal use, you cannot deduct the loss. See IRS topic # 409.
 
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Thank you so much!!! I greatly appreciate it your help. You're always willing to help and that's appreciated.
 

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