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Transferof vehicle as a gift.
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.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?
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That's for registration and plate.
There is also sales tax which is based on the price.
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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.
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.
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My feedback
05 Toyota Camry.
An 05 Camry is going to carry very little ownership tax.
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You'll still need a BGC and transfer fee.
Wait what are we talking about?
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