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Started By
Message
Is it still legal in Louisiana to give a vehicle to a realitive
Posted on 6/5/14 at 9:11 am
Posted on 6/5/14 at 9:11 am
as an act of donation?
TIA
TIA
8
Posted on 6/5/14 at 9:11 am to rantfan
why would that ever be illegal?
Posted on 6/5/14 at 9:12 am to rantfan
Doesn't even have to be a relative.
This post was edited on 6/5/14 at 9:13 am
Posted on 6/5/14 at 9:13 am to rantfan
Yes.
Go to a local notary/ title transfer place. Maybe $100 or so.
Go to a local notary/ title transfer place. Maybe $100 or so.
Posted on 6/5/14 at 9:13 am to rantfan
Sure.
$100 tax I believe.
$100 tax I believe.
Posted on 6/5/14 at 9:14 am to GRTiger
thanks
Posted on 6/5/14 at 9:14 am to GRTiger
May be illegal for realitives.
Posted on 6/5/14 at 9:15 am to rantfan
Yes
Posted on 6/5/14 at 9:17 am to McLemore
quote:
why would that ever be illegal?
I think what he means to ask is if the relative would have to pay taxes on it, or if they title can be handed over free and clear.
Posted on 6/5/14 at 9:18 am to TheDrunkenTigah
You can gift approximately $14,000 worth per person per year. Just have to pay title transfer. No tax.
Posted on 6/5/14 at 9:18 am to rantfan
When I was in college my gramps donated his truck to me. I just had to pay for the title transfer. This was just a few years ago. I don't see why it would have changed.
Posted on 6/5/14 at 9:20 am to rantfan
Absolutely.
Posted on 6/5/14 at 9:22 am to rantfan
Keeping the state out of your back pocket is always a good thing. Either gift it, or put $25 on the sales price.
Posted on 6/5/14 at 9:29 am to LateArrivalforLSU
quote:
put $25 on the sales price
You can't do this.
They will assess tax on the book value of the vehicle, unless it is salvage.
Posted on 6/5/14 at 9:32 am to LNCHBOX
quote:
You can gift approximately $14,000 worth per person per year. Just have to pay title transfer. No tax.
Yep. Or $28,000 if coming from a husband and wife.
Posted on 6/5/14 at 9:36 am to VetteGuy
quote:
You can't do this.
They will assess tax on the book value of the vehicle, unless it is salvage.
Crap. That's correct. Forgot about that.
Posted on 6/5/14 at 9:38 am to VetteGuy
quote:
You can't do this.
They will assess tax on the book value of the vehicle, unless it is salvage.
Yea, you can't do that low
, but you can definitely go under book. I bought a 2013 motorcycle with one mile on it, and we put $1000 in the bill of sale. Book value was $4500. They can't just go by book value, what if you're buying an expensive car that has been heavily damaged?
ETA: Heavily damaged without a salvage title that is.
This post was edited on 6/5/14 at 9:39 am
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