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
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...
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.