Quote:
Originally Posted by BEM-S4
So I guess theoretically I'm better off in PA with monthly tax vs NY. If something happens to your car 2 months into a 36 month lease do you lose all the tax money?
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Yes that is correct. But you get hit for a 3% lease tax, on top of regular tax. The northeast is very tax happy. But you can do msds so would be better. I lease and register my parents cars in FL under my name, saves a lot. Do not get me going on TX (6.25% on whole car price, not deprecation).
Limitations on
refunds and credits
of sales tax paid on
motor vehicle leases
Once a lease has been entered into and the customer has paid the tax due at
the inception of the lease, no refund or credit of tax paid is allowed to either
the dealer or the customer if the lease is terminated early, even if the lease is terminated because the vehicle is
destroyed in an accident. PUB 893