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Message
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 2:11 pm to LSUengineer12
quote:
Well apparently it doesn't matter what the price is on the Bill of Sale if they tax based on the NADA value..
Which I'm not sure if that's entirely correct.
I bought a motorcycle a few months ago that was used with 1.4 miles on it from a private seller. sticker prices was $4800, and we put $1000 on the bill of sale. I paid taxes only on $1000. They don't look up the NADA value.
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.
Posted on 10/1/13 at 2:21 pm to GreenTrout
quote:
I found this funny, but you might not after paying the taxes.
I didn't have to pay the taxes on my college car. I said I left and we did the Act of Donation.
This post was edited on 10/1/13 at 2:22 pm
Posted on 10/1/13 at 2:22 pm to Golfer
Ahh nevermind then. 
Posted on 10/1/13 at 2:23 pm to LNCHBOX
quote:
I bought a motorcycle a few months ago that was used with 1.4 miles on it from a private seller. sticker prices was $4800, and we put $1000 on the bill of sale. I paid taxes only on $1000. They don't look up the NADA value.
Well what did you buy the bike for?
And the OP was saying he would put $100 on a $5,000 car. DMV is going to know that a 2004 Jeep Cherokee is worth more than $100, even as a salvage vehicle.
Posted on 10/1/13 at 2:31 pm to Golfer
Maybe, maybe not.
I know for a fact the guy in front of me the other day at the notary paid 15k for his new boat. They put down $100 and rolled out. Would I do it? Probably not.
I know for a fact the guy in front of me the other day at the notary paid 15k for his new boat. They put down $100 and rolled out. Would I do it? Probably not.
Posted on 10/1/13 at 2:33 pm to Golfer
So the conclusion I've come to after all the help is we won't get away with $100, but can probably get away with $1,000. Which will still save them $360 or so.
Thanks for all of your help!
Thanks for all of your help!
Posted on 10/1/13 at 2:36 pm to GreenTrout
I did not think boats were taxed? Only the trailer is what I have paid taxes on, that is what I always put $100 value on.
ETA used boats that is.
ETA used boats that is.
This post was edited on 10/1/13 at 2:39 pm
Posted on 10/1/13 at 2:49 pm to SpidermanTUba
quote:
If you want to break the law and cheat your fellow citizen, then yes.
you mean if i want to keep more of the money i earn and not give it to people who did not earn it? that's what your saying ... right?
Posted on 10/1/13 at 2:50 pm to Mr.Perfect
quote:
you mean if i want to keep more of the money i earn and not give it to people who did not earn it? that's what your saying ... right?
Eh. Motor vehicle taxes are for road improvements. Don't really bother me as much as others.
Posted on 10/1/13 at 3:02 pm to Golfer
quote:
Well what did you buy the bike for?
More than $1000
quote:
And the OP was saying he would put $100 on a $5,000 car. DMV is going to know that a 2004 Jeep Cherokee is worth more than $100, even as a salvage vehicle.
When I went to register the bike, the guy even knew a little about the bike and didn't bat an eye at the number.
Posted on 10/1/13 at 8:49 pm to LSUengineer12
If you are in the DS area, go to denham springs notary South of the interstate. They do everything for you, and go to the DMV for you for $25. Used them for 2 transactions without any problems.
Posted on 10/2/13 at 11:07 am to LSUengineer12
I just did this yesterday. Sold my SUV to a guy and we said it was a donation. The lady asked me how we were related and I told her we were cousins. I am the whitest girl you will ever meet and he was black. The lady at the notary didn't care.
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