07-29-2014, 02:48 PM | #1 |
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Lease Assumption Tax in FL?
Hello Sunshine state folks!
Do any of you guys know what is the tax hit by assuming lease from a guy in a different state? Car leased state: NJ (Tax paid in Full to dealer) Assuming Party: FL There's so many contradicting information from google search, so I wanted to ask someone who has assumed a lease from someone out of the state. What did you pay to DMV when you went in to register? Thanks
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07-29-2014, 08:40 PM | #3 |
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My educated opinion (tax major) would be:
You would have to pay the Florida sales tax on the remaining payments of said lease- either in monthly intervals or up front in full. I don't think the person from NJ would be able to get back the sales tax he paid up front though, so I don't see this deal even happening unless the NJ person is okay with losing that or if NJ refunds the excess sales tax. |
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09-13-2014, 02:44 PM | #4 |
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I took over a lease from someone in NJ and had the car registered in Florida (Miami).
They simply apply the taxes on the base payment of the lease in Miami it is 7%. It's a smooth process. I registered the car and received the plates at a tag agency on the spot. |
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09-13-2014, 03:11 PM | #5 |
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but what happens to the taxes that are already paid?
For example....I paid taxes in full at the dealership.....if I transfer the lease...what happens to all that money I paid?
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