South Dakota Administrative Rules
Title 64 - REVENUE
Article 64:29 - Motor vehicle registration
Chapter 64:29:02 - Interpretations
Section 64:29:02:04.01 - Tangible personal property allowed as trade-in on motor vehicles

Universal Citation: SD Admin Rules 64:29:02:04.01
Current through Register Vol. 51, page 43, September 23, 2024

If tangible personal property is taken in trade as part payment on a motor vehicle, the current market value of that property shall be deducted from the price of the motor vehicle to establish the purchase price.

General Authority: SDCL 10-45-47.1, 32-5B-15.

Law Implemented: SDCL 10-45-1(3), 32-5B-4(1) to (3).

Example:

Joe buys a car from Acme Used Cars and trades in a used 1983 color television set. The price of the car is listed at $3,000. The salesman gives Joe $1,000 for the TV, making the purchase price of the vehicle $2,000. One thousand dollars for the used TV is unreasonable. Excise tax on the purchase price of the vehicle shall be paid on the list price minus the current market value of the TV.

Disclaimer: These regulations may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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