Car sales tax
I am in the 24% tax bracket and live in MA. I bought a new car in 2019 for $23k before fees ($27k total.) I plan to sell my car back to the dealer for $23k. If I get handed a check and deposit it in the bank, will I be taxed for that? If so will it be taxed 24% and could I put it directly in a 5 year CD to avoid taxes right away?
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