Anyone ever trade vehicles with someone?
I have a car which I'm possibly going to trade for another vehicle. Since me an the other person are basically assessing the value of our items equally, and no money exchanges hands, I'm not sure what to do about the price on a Bill of Sale. Technically, it's $0. But, the state (NY, in this case) will want to tax us on this.
Would they just use a KBB value? Should we use a realistic value for each Bill of Sale and hope to get taxed off that? Anyone ever dont this, or have any insight? I'm not happy about paying taxes on what's an even trade, but I know I'll have to.. but would prefer paying the least possible without being fraudulent :-)