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Tax question about transfering ownership of a vehicle at the DMV,,
Posted on 4/25/10 at 9:23 pm
Posted on 4/25/10 at 9:23 pm
In-Laws just gave us there 1996 Suburban, need to get the registration in our name. What amount will I have to pay taxes on? Bluebook value?? Or should we just say we purchased it for a certain amount? BTW bluebook is somewhere around $2800.00 for the private party value.
3
Posted on 4/25/10 at 9:28 pm to 318Tiger Fan
can't they just gift it to you since its not very expensive?
Posted on 4/25/10 at 9:48 pm to 318Tiger Fan
Did they do an act of donation?
If so, they can claim the vehicle is worth less than the $2800.00 blue book value.
If so, they can claim the vehicle is worth less than the $2800.00 blue book value.
Posted on 4/25/10 at 10:09 pm to Will Cover
quote:
Did they do an act of donation?
We havent done anything yet? I have never delt with anything like this before. I know I would rather ask ya'll first than deal with the village idiots at the dmv. With the act of donation, there should be any taxes owed, correct?
Posted on 4/25/10 at 10:35 pm to 318Tiger Fan
Go to your local notary. Much easier.
You won't have to pay any sales tax, but you will have to pay the notary fee, vehicle registration, etc.
Minimal cost involved.
You won't have to pay any sales tax, but you will have to pay the notary fee, vehicle registration, etc.
Minimal cost involved.
Posted on 4/25/10 at 10:36 pm to Will Cover
thanks for the info 
Posted on 4/25/10 at 11:00 pm to 318Tiger Fan
We did this (we actually paid the inlaws for the car) but did it as a "donation" ... I don't remember paying any taxes. Could be wrong but I truly don't think that we did.
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