If you give or get a Used Car as a Gift from someone how do you pay taxes for it at time of Title transfer? Would the taxes be zero because it is a gift or would they look up Blue Book and charge you tax on that amount?
Used Car as a Gift
- Thread starter Shakerhood
- Start date
Thats a good question. Im not sure if they wou ld look if you put zero and explain it was a gift, or have the person come in and say it was a gift.
But when my dad used to buy alot of cars when he had his dealership, he would put down like 100 bucks and they wouldnt say anything.
But when my dad used to buy alot of cars when he had his dealership, he would put down like 100 bucks and they wouldnt say anything.
Thats cool as hell if I can do that. I bought the car new for my G/F, she cant afford to pay the Insurance now so I need to switch the Title over to me so I can insure it.
yep you dont even mention how much you paid for it just say its a gift and you fill out some paper work.
Roland69
Sergeant Tangnet
father to son gift= no tax
gift from say your friends mom= pay tax
if the list price is more than $1000 you pat tax on the price you pay or the list price whatever is more.
if the list price is under $1000 and you paid $1 you pay tax on the $1....but if your bill of sale says you paid $45000 you pay tax on 45K even the list price is under 1K
gift from say your friends mom= pay tax
if the list price is more than $1000 you pat tax on the price you pay or the list price whatever is more.
if the list price is under $1000 and you paid $1 you pay tax on the $1....but if your bill of sale says you paid $45000 you pay tax on 45K even the list price is under 1K
when you go to register there sure is. I would call your local tax office and ask. every city/state is bound to be different.
Like i said just say its a gift.. I sold cars to my friends and we said we were cousins and none of them had to pay taxes on the registration. I think over 10k they can tax you for shure..
ryan218
In just 10 years, I'll be old enough to drive!!!!
what we did when we bought our 86 to save money(since we knew the onwer hes a good freinds) he put down $1 as the purchace price. and thats what we paid taxes on. they cant say anything about it. all they guy said when my dad went in there is said "thats really cheap for a mustang".
ryan218
In just 10 years, I'll be old enough to drive!!!!
anything that has to be registered ya, something like selling a guy a engine then no.
the government has to get the piece of the action
See what could happen with the low price thing is. The irs can look at fair market price of the car and then go after you on taxes for that. Thats what they told me down here when i got a car cheap. I had to get a paper signed saying family sold it to me thats why its cheap. It had to be notarized also...
ryan218
In just 10 years, I'll be old enough to drive!!!!
july of 04 is when we bought it, none has been buggin us for anything.
when i bought my car i just had the guy put down 500 as the purchase price and paid taxes on that.
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