Tax and license on pickup trade

  • wkw
    Participant
    Posts: 505
    #2078455

    I just traded in 2019 Chev pickup for a 2021 GMC at a dealer in Wisconsin.
    I live in Minnesota and will license it here.
    New truck–$59,000
    Trade in value– $42,000
    Net trade–$17,000
    Will I pay sales tax on the whole $59K or just the 17K?
    2019 Chev had 104,000 miles on it.

    Jason
    Participant
    Posts: 679
    #2078457

    17k

    wkw
    Participant
    Posts: 505
    #2078458

    But I ‘spose the license will be on the whole 59K. Gotta love Minnesota>

    Bearcat89
    Participant
    North branch, mn
    Posts: 16949
    #2078554

    21 duramax ?

    wkw
    Participant
    Posts: 505
    #2078555

    Bearcat, I got the 6.2 gas job, Had it in the last one and loved it.
    21 mpg and lots of power. I can’t stand the smell of diesel.

    Bearcat89
    Participant
    North branch, mn
    Posts: 16949
    #2078557

    Love the 6.2 great motor.

    stevenoak
    Participant
    Posts: 1657
    #2078574

    Look at the bright side. If you lived in Illinois. You would get a break on the first 10K. Pay taxes on $49,000, no matter where you buy it.

    Deuces
    Participant
    Posts: 4724
    #2078575

    Do they recommend putting premium in those 6.2s still?

    TheFamousGrouse
    Participant
    St. Paul, MN
    Posts: 10702
    #2078634

    But I ‘spose the license will be on the whole 59K. Gotta love Minnesota>

    Why wouldn’t it be? The purchase price was 59k. The fact that he sold his old vehicle to the dealer is irrelevant. What other state(s) subtract your trade value from the purchase price of the new vehicle to determine the license fee?

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