RentToOwn-HouseFinder.com
Do I need to pay California (CA) sales tax on purchase of lease-option (car)?
My lease is up. I need to buy the car because it would be too expensive to pay for mileage overages and plan to re-sell same-month. Do I need to pay CA sales-tax for that brief ownership (when the new buyer will need to pay it again)? sources for your answer are much appreciated. :)
Public Comments
- You've been paying sales tax during the time of your lease, I believe. Check your contract, it should be detailed.
- No!! Go to city hall right now and open a general business license in your name (approx. $40.00). You will be entitled to a $100,000 Federal Small Business tax break on any start up items, including your car. Sell the car, go buy your dream car and write it off in six months. Yes, good credit + business license= free car
