In talking to my husbands coworker tonight I thought of something a lot of people don’t realize or may not know. For states like Missouri where you continuously pay sales tax on motor vehicles you can get a refund of sales tax if you buy first and sell later. Most people probably trade in. But sometimes people have cash (as you should aspire to) to buy vehicles. And when you do you may find your new vehicle first and sell your other vehicle after. If you sell your other vehicle within 180 days of selling the other vehicle you are entitled to a refund of taxes paid on the other vehicle. For example, if you paid $10k for your new car and sold your old one for $3k you would pay approximately $800 in areas of Missouri. With the refund form you would get approximately $240 of that $800 back. It’s a simple process and worth it.
Bring the refund form plus the bill of sale that is attached to the title and you’re ready to go.
https://dor.mo.gov/forms/426.pdf
#vehicletaxrefund #keepyourmoney #moneysavingtips #motorvehicletaxes
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