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re: Is this a loophole option?
Posted on 10/1/13 at 2:06 pm to GreenTrout
Posted on 10/1/13 at 2:06 pm to GreenTrout
Okay, that makes sense because both vehicles I've registered have been from outside the state.
Sounds like the Bill of Sale price will suffice, provided it isn't off by a lot, but the language gives them the authority to use NADA value on any vehicle sale to determine FMV.
Basically you have to prove the vehicle is worth less than NADA if you're way off on the sales price.
Sounds like the Bill of Sale price will suffice, provided it isn't off by a lot, but the language gives them the authority to use NADA value on any vehicle sale to determine FMV.
Basically you have to prove the vehicle is worth less than NADA if you're way off on the sales price.
2
Posted on 10/1/13 at 2:10 pm to Golfer
Correct. You can say you purchased it for however much you want as long as you are both LA residents. If they look into it then they have the authority to tax you based on FMV; however, they very rarely will go that far.
Anyone transfering a vechile from out-of-state will have to pay taxes, and will get a 4% credit(which is the amount due to the state), but still owe city and parish taxes.
Anyone transfering a vechile from out-of-state will have to pay taxes, and will get a 4% credit(which is the amount due to the state), but still owe city and parish taxes.
Posted on 10/1/13 at 2:13 pm to Golfer
I found this funny, but you might not after paying the taxes.
quote:
When a vehicle is being transferred to Louisiana and has been assigned from a parent (or legal guardian) to a child, tax credit may be given when the vehicle actually belonged to the child but was titled in the name of the parent (or legal guardian) for insurance purposes. A tax credit will be allowed if all of the following criteria are met:
1.) A notarized affidavit attesting to the relationship of the two parties must be submitted.
2.) This affidavit must be signed by the individual listed on the out-of-state title.
3.) The vehicle was titled in a state for which Louisiana has a reciprocal agreement to allow road use tax credit.
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