Sales & Property Tax

Discussion in 'Trucker Taxes and Truck Financing' started by retardo, Sep 26, 2019.

  1. retardo

    retardo Bobtail Member

    8
    1
    Aug 16, 2010
    0
    Can someone help answer a few questions. I purchased a 2011 Cascadia from Georgia but went the leased option with the finance company for write off purposes. I’m getting close to the end of the term, and the finance guy says that my “payoff” doesn’t include applicable sales and property tax. I now live in Colorado. Does anybody have any clue about this and what I should expect? It’s my first truck purchase. I don’t want to be surprised owing another 10k to own the truck. I purchased for $55k.

    Thanks.
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. dptrucker

    dptrucker Road Train Member

    4,562
    2,998
    May 14, 2012
    adelanto,ca.
    0
    Doesn't your contract says what the buyout is?
     
  4. retardo

    retardo Bobtail Member

    8
    1
    Aug 16, 2010
    0
    I specifically asked sales and property tax. I know what my buyout is.
     
  5. stillwurkin

    stillwurkin Road Train Member

    1,756
    2,855
    Dec 2, 2017
    0
    First i am not a nationwide tax expert. So in Pennsylvania property tax is the real estate you own. Nothing else. Ex: home, and land. Sales tax on commerical vehicles is not a issue. On brand new trucks there is a federal tax. You will have to research it out a bit. I would think what you owe is just your buy out ,or what is stated in your agreement.
     
  6. dptrucker

    dptrucker Road Train Member

    4,562
    2,998
    May 14, 2012
    adelanto,ca.
    0
    Oh ok.
     
  7. retardo

    retardo Bobtail Member

    8
    1
    Aug 16, 2010
    0
    That’s what I’m thinking is I pay my buyout and I’m done. Perhaps he’s just got to throw the disclaimer in there when quoting it. Here’s the email I received. I’m paying my truck off earlier than the original term, so that’s what he’s quoting me.

    5 month term to $XXXX purchase option. Monthly payment $XXXX.XX. These terms do not include any applicable sales or personal property tax.
     
  8. wis bang

    wis bang Road Train Member

    3,061
    3,420
    Jan 12, 2011
    Levittown, PA
    0
    Georgia charges property tax to owner operators...GA registration costs a lot less until you add the additional tax back in...

    Check with the CO motor truck assn regarding your possible state taxes.

    Class 8 trucks are tax exempt in a lot of states, parts too
     
    stillwurkin Thanks this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.