03-27-2017, 03:49 PM | #1 |
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TEXAS lease return and tax savings
I am wondering if someone has ever returned a lease and leased another vehicle through BMWFS in Texas. According to my CA he said that if I return my wife's 5 series that I would get a tax credit for the residual on the new purchase. Basically if I leased a new 530i at 60k, and residual on current car is 25k, I only pay taxes on the difference of 35k on the new lease. Has anyone ever done this? Any feedback would be appreciated as we are deciding on leasing a new 5 series, or possibly getting some other brand, but this could save us about half the taxes if true and may be worth it. Remember Texas is a full tax state where you pay taxes on purchase price and not payment.
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03-27-2017, 04:14 PM | #2 | |
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03-27-2017, 07:29 PM | #3 | ||
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04-30-2017, 08:33 AM | #5 |
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I believe you are the owner and if trading in a car, you should get the tax credit towards your new purchase. My Dealer did say though that if you lease you can lease again, and owners choice allows you to do owners choice, but you can't switch to a different purchase style... Have no clue why though
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