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Old 03-17-2011, 03:55 PM
 
Location: Earth
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Anybody ever do a bill of 'sale' for something where no cash exchanges hands?

I'm looking at trading a truck and a couple dirt bikes for another person's truck, no money being exchanged.

Any ideas how to write it up in a simple 'bill of sale'...? Just replace the $ amount with vehicle descriptions (?) or something like that?

Just trying to avoid confusion when going to register the new vehicle...
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Old 03-17-2011, 05:27 PM
 
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You can write up your Bill of Sale by using a statement to the effect of:

"For value received, hereby receipted, in the trade in of a (year) (make) (model) towards a
(year) (make) (model).

If you're showing more than one vehicle for the trade in, then just show the additonal vehicles as part of the "value received".

This is adequate to establish the change of ownership for both parties to the transaction.
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Old 03-17-2011, 05:45 PM
 
Location: Columbia, California
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If you do not state a dollar value the DMV will impose one off the blue book. So money ahead you will want to agree to a fair value to state.
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Old 03-17-2011, 09:01 PM
 
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Quote:
Originally Posted by ferretkona View Post
If you do not state a dollar value the DMV will impose one off the blue book. So money ahead you will want to agree to a fair value to state.
This is a state-by-state issue, so the OP needs to check on their local situation to know if stating a value per vehicle is desirable.

In the Western states where I live, the sales tax that results from a car purchase is only based upon the money that trades hands and the trade in vehicle portion of the price is not subject to sales tax. If there's no money that changed hands to complete the transaction, the trade is sales tax free on both sides of the deal. So, if you trade a $10,000 vehicle in on a $10,000 purchase, there's no sales tax due.

At the same time, the ownership/registration fees are based upon the book values that the state/counties use. Doesn't matter what you paid for the vehicle, it gets taxed the same as every other one like it no matter what the condition.
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Old 03-18-2011, 09:21 AM
 
Location: Earth
1,442 posts, read 3,569,406 times
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thanks for the info...will get input from the DMV on this too

I'm sure there is a way for them to fleece people on trades too...so I won't be surprised if a trade is taxable.
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Old 03-21-2016, 09:06 PM
 
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Default Bill of Sale

Wondering if any has ever done this before. I am selling my truck and also need work done on my house. Example, selling my truck for $3000 and need $600 worth of work done on house. What forms do I prepare for the sale of truck for $2400 and the same bill of sale for $600 worth of work.
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Old 03-22-2016, 06:16 AM
 
Location: Huntsville
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These are two separate transactions.... I wouldn't want to comingle them in the event that you have issues with the contractor later down the road where you would muddy the water in court if you ever had to go. You might want to check your state laws.


If it were me, I would write up a contract for the work that lists out specific performance that the person you are contracting with is to do and then list the agreed upon amount of $600. I would then make the note that the contractor has agreed that in lieu of a cash payment, you will apply the $600 cash as a reduction to the sale price of the truck, bringing the price down from $3,000 to $2,400.


Both of you get it signed with a notary.


Then, I would write a bill of sale for the remaining $2,400 for the truck.




I wouldn't try to group it all together.
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Old 03-22-2016, 07:46 AM
 
Location: Billings, MT
8,985 posts, read 7,076,226 times
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Long ago, I was told that in order to be a legal transaction money had to change hands.
So, in a barter situation, the Bill Of Sale had to state "For $1 and value received..."
I don't know if that was true then, and I don't know if it is true now.
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Old 03-22-2016, 09:47 AM
 
Location: Huntsville
5,328 posts, read 3,589,684 times
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Well, in this instance it is providing a service in return for something with a monetary value... Work for a truck. Since the truck has a monetary value I think this would be enough. But again..... it could vary from state to state so the best thing to do is check your local laws.
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