CT Tax: Buy/Trade


The trade-in rules for the state are not changed by the new taxes going into effect.  Like-item trades are taken off the selling price before tax is calculated.  

However, because of the new luxury taxes being introduced, it is necessary to process trade-ins differently.

Buy/Trade for Like Merchandise

If you are taking a buy/trade that is being applied to a like-item purchase, you must click the drop-down arrow next to Sales Tax and check the Tax entire sale as if it was one single item checkbox. Multiple trades can be taken against one or more like-item purchases so long as all items involved are of like characteristics. 

enlightenedThis sale MUST be limited to the trade-in transaction; you cannot mix other types of transactions on this sale.

Buy/Trade for Non-Like Merchandise

If you are taking a buy/trade that is being applied to one or more non-like item purchases, you should uncheck the Pre-Tax option on each trade-in sale line.

 

Updated on Wed, 06 Jul 2022 by Angela Chiaravalle

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