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Trade my car in and receveid the difference of settlement amount. Must it be declared under what

Posted 18 November 2014 under Tax Q&A


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I bought a new car for private use only. The old car was trade in. The new car was bought on credit without a deposit and the garage paid out the difference between settlement of the old car. Must I declare that money and under what must it b declare.

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TaxTim TaxTim says:
19 November 2014 at 22:36

No you do not need to declare the proceeds of the sale of a car.


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