Hi. Looking to buy a used f150. KBB has book value at 24,000. It has significant body damage and will buy from owner for 12,000. When I register vehicle I'm sure my listed sales price will trip state audit flags. What supporting documentation do I need to protect myself from any tax evasion audit? Thank you.

 

Every state has it's own rules so check with your local dmv, can probably access all information online, here in Louisiana you would have to fill out an affidavit and have it notarized stating the reason for the declined value. A few pics of the damage would also bolster your claim.

 

all it takes in missouri is a notarized bill of sale. been thru what you are going thru.

 

In Illinois it is a number of factors to determine tax. If its X years old you pay this much tax, if its worth $X you pay this much tax. Its a way to keep people from cheating the system.