My father has given me a car as a gift. I was wondering if it matters tax wise if I state the car is a gift when registering the vehicle. Any suggestions/experiences to be shared?
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My father has given me a car as a gift. I was wondering if it matters tax wise if I state the car is a gift when registering the vehicle. Any suggestions/experiences to be shared?
On title put purchase price as $0. That's it.
I typically put a sales price of $5. That way they don't think it was a gift. I can't recall what the gift tax is but tax on $5 is definitely cheaper.
That's what I've done in the past as well.Quote:
Originally Posted by ray1970
Doesn't really matter, the vehicle is taxed on its taxable value when you register it.
That being said, I have bought and sold a lot of vehicles for a dollar. I have even put zero and if they ask, I bartered services for it.
So what kind of ride did ya get OP?
You'll still need a BGC and transfer fee.
Wait what are we talking about?
You can also write "trade"
you our won't be assessed sales tax on the purchase but you will still pay an ownership tax if you register it. if you to just title the vehicle and not register it for plates the cost would be $7.20, at least in Adams county. put plates on it and they go based on taxable value plus road tax rtd, bridge and all these other BS fees, including an E470 fee which really pisses me off.
That's for registration and plate.Quote:
Originally Posted by BPTactical
There is also sales tax which is based on the price.
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Quote:
Originally Posted by BPTactical
I think your both right. When my dad died I transferred the title to me and paid the $8 since it was a gift essentially I paid no sales tax.Quote:
Originally Posted by ChunkyMonkey
When he transfers the vehicle title to his name he will pay a transfer fee. If there is a "purchase" then he would pay the tax on the purchase price. Gift should be zero tax. Then of course to license the vehicle you will pay for the yearly license fee/tax.
Tax, the theme is TAX.
05 Toyota Camry.Quote:
Originally Posted by BPTactical
You can't do any of those tricks any more as far as I know. They charge you tax based on the original price of the vehicle minus however many years old it is. It costs more to register a vehicle here than it does in California.
An 05 Camry is going to carry very little ownership tax.Quote:
Originally Posted by Jumpstart