Is this a loophole option? | Page 2 | TigerDroppings.com

Posted byMessage
Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
57198 posts

re: Is this a loophole option?


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.






Back to top
GreenTrout
LSU Fan
Toledo Bend
Member since Jul 2013
747 posts

re: Is this a loophole option?


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.






Back to top
  Replies (0)
LNCHBOX
LSU Fan
70001
Member since Jun 2009
20417 posts
 Online 

re: Is this a loophole option?


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.






Back to top
GreenTrout
LSU Fan
Toledo Bend
Member since Jul 2013
747 posts

re: Is this a loophole option?


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.






Back to top
Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
57198 posts

re: Is this a loophole option?


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 at 2:22 pm


Back to top
GreenTrout
LSU Fan
Toledo Bend
Member since Jul 2013
747 posts

re: Is this a loophole option?


Ahh nevermind then.





Back to top
  Replies (0)
Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
57198 posts

re: Is this a loophole option?


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.






Back to top
GreenTrout
LSU Fan
Toledo Bend
Member since Jul 2013
747 posts

re: Is this a loophole option?


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.






Back to top
LSUengineer'12
LSU Fan
The Best Side
Member since Dec 2011
843 posts

re: Is this a loophole option?


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!






Back to top
  Replies (0)
Ranger198
LSU Fan
Member since Oct 2012
673 posts
 Online 

re: Is this a loophole option?


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.



This post was edited on 10/1 at 2:39 pm


Back to top
  Replies (0)
Mr.Perfect
Louisiana
Member since Mar 2013
5148 posts

re: Is this a loophole option?


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?






Back to top
Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
57198 posts

re: Is this a loophole option?


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.






Back to top
  Replies (0)
LNCHBOX
LSU Fan
70001
Member since Jun 2009
20417 posts
 Online 

re: Is this a loophole option?


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.






Back to top
  Replies (0)
Scooby
LSU Fan
Member since Aug 2006
978 posts

re: Is this a loophole option?


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.





Back to top
  Replies (0)
nikki
LSU Fan
garyville
Member since Sep 2004
146 posts

re: Is this a loophole option?


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.





Back to top
  Replies (0)


Back to top