NOTE: This setting is currently ONLY for Michigan and Illinois dealers
Click on the user initials in the upper right hand corner then Dealership Settings
Set the cap amount using the box shown
In the example shown the cap will be set at $1,500, add the trade in value as normal.
Note: If the Trade In Vale Reduces Taxable Amount box is NOT checked the trade cap will be disabled.
Two examples will now be shown below.
1. With the cap being set to "zero"
Users will add the trade in as normal. The tax is reflected without the cap under the Sales Tax - Major Unit section.
2. With the cap set to $1,500
Dealers can use more than one trade-in per unit sold to reduce the taxable amount up to the cap.
Dealers can split the trade-in tax reduction across multiple units on the sales deal
If the dealer wants to exceed the trade in cap with multiple trade-ins they will need to create another deal