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Originally Posted by Grant H. Depends on value of the vehicle. Gift taxes can apply to gifts of cars as well. That's what I thought, no way in hell you are getting out of anything and not paying taxes.
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Originally Posted by Grant H. Depends on value of the vehicle. Gift taxes can apply to gifts of cars as well. Originally Posted by SouthPaw That's what I thought, no way in hell you are getting out of anything and not paying taxes. I suppose it should be claimed on your income taxes but there is no sales tax, which is what you pay when registering.
Originally Posted by newracer I suppose it should be claimed on your income taxes but there is no sales tax, which is what you pay when registering. Sales tax can be collected at time of registration, but on a $1 sale, is going to be very little. Actual registration taxes and fees are also collected, and going to be paid whether it's a gift or not.
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