Pay tax on MSRP or actual sale price?
We bought a new Fuzion a couple weeks ago in Colorado. Just got the title in the mail, and noticed that the price listed was the inflated MSRP, which was $50,000 more than we paid. So, we're sitting...
Forum Discussion
Generally you pay taxes on the agreed to sale price,"Bill of sale". However, there are times when the state decides how much you should pay on. Re: I bought a basket case motorcycle, (literally in boxes), for $50.00. When I tried to register it after months of re-constructing it, the state mandated it had a "fair market value", and I had to pay taxes based on that. The taxes exceeded the price I paid for the cycle. I would have better off leaving it stay junk.
