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Something isn't sitting right with the taxes on the iPhone trade in program. When you get the phone you pay the tax on it. It's around 8.1% in Colorado. But you turn it in after a year, so you only really pay $44.91*12=$538.92
That's $43.65 in tax which is acceptable.
But when I purchased it last year they charged me over $80 in taxes, full price of the phone. And I'm assuming they are about to charge me another $80 in taxes when I trade it in.
That doesn't sit right with me. The tax should be monthly for as many months as you have it wrapped in the payment, be it 12 or 24 months.
Anyone on board here, or am I off base with leasing programs and how taxes are managed?
That's $43.65 in tax which is acceptable.
But when I purchased it last year they charged me over $80 in taxes, full price of the phone. And I'm assuming they are about to charge me another $80 in taxes when I trade it in.
That doesn't sit right with me. The tax should be monthly for as many months as you have it wrapped in the payment, be it 12 or 24 months.
Anyone on board here, or am I off base with leasing programs and how taxes are managed?
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