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Sales Tax on Used Vehicle
Posted on 7/14/11 at 5:59 pm
Posted on 7/14/11 at 5:59 pm
My father in law is giving me his used truck. How does the state calculate the amount of sales tax for a transaction like that. Do they just look at the amount on the title(whatever we write) or does the state look at the Blue Book value? Would like to pay as little sales tax as possible if you know what I mean.
2
Posted on 7/14/11 at 9:09 pm to FlagLake
if he is giving it to yall, then you don't owe tax (assuming it's "valued" at less than 26k)...just get the notary to give you an act of donation form
This post was edited on 7/14/11 at 9:10 pm
Posted on 7/14/11 at 9:36 pm to Zilla
quote:
f he is giving it to yall, then you don't owe tax (assuming it's "valued" at less than 26k)
The gift tax to which you are referring is imposed on the donor, not the recipient. So, the OP would not have to worry about that.
For Louisiana, sales taxes are imposed on the money or other property given for the car. So, a true gift of a vehicle (where there no car note is assumed or other property transferred) is not subject to sales taxes in Louisiana. Here is a good link for reference LINK
Posted on 7/14/11 at 10:22 pm to FlagLake
When you go to transfer title, tell them that it is being gifted to you by a relative. Give them an insignificant sum like $100 or $500. I've never experienced a problem doing this.
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