- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Private Sale Tax Question
Posted on 9/23/16 at 10:53 am
Posted on 9/23/16 at 10:53 am
If I were to sell a vehicle, boat or something of that nature to a friend, how low can I put the value on it so he does not have to pay that much tax on it.
Example: I sell my boat for $1000 cash to my buddy. On the bill of sale, I say I sold it to him for $20. Can that work? As far as the government knows I sold it to him for $20
Example: I sell my boat for $1000 cash to my buddy. On the bill of sale, I say I sold it to him for $20. Can that work? As far as the government knows I sold it to him for $20
4
Posted on 9/23/16 at 10:59 am to cwarr14
I'm not very knowledgeable on the subject, but that seems like it would be illegal
Posted on 9/23/16 at 11:10 am to cwarr14
On vehicles in Alabama, they make you the buyer sign an affidavit changing the sales price to I think $100 if the sales price is reported less than that. Forget the amount, but there is a minimum amount that has to be reported on the bill of sale.
Not sure on boats, but I'd imagine it's the same. You could probably look at your state's website to find out.
Not sure on boats, but I'd imagine it's the same. You could probably look at your state's website to find out.
Posted on 9/23/16 at 11:22 am to cwarr14
quote:
Example: I sell my boat for $1000 cash to my buddy. On the bill of sale, I say I sold it to him for $20. Can that work? As far as the government knows I sold it to him for $20
That would be fraud. Just so you know.
Posted on 9/23/16 at 11:55 am to cwarr14
You're taxed on the book value of the vehicle, not the sales price, unless its a transfer/donation to another family member.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News