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Started By
Message
Question on registration fees....car trading.
Posted on 2/12/14 at 8:33 pm
Posted on 2/12/14 at 8:33 pm
Little help please. Looking to trade vehicles in a swap. Obviously the state is going to want some tax money upon registration. How can I mitigate this? Should I print a bill of sale and devalue the vehicles worth? I would like to avoid them from wanting to blue book them and applying fees associated with such.
Thanks.
Fwiw these are not 20k vehicles. Small project ones.
Thanks.
Fwiw these are not 20k vehicles. Small project ones.
4
Posted on 2/12/14 at 8:34 pm to thejudge
Value each vehicle at $1.
Even trade.
Even trade.
Posted on 2/12/14 at 8:35 pm to thejudge
Yes, make a bill of sale and put a low number on it. Go to DMV in Port Allen. They'll process your paperwork with little if any questions. However, get the BOS notarized first.
Posted on 2/12/14 at 8:58 pm to tigerinthebueche
I have a notary around the block. I printed some vehicle bill of sales to bring there with them. There is a section for donate to a friend. Charging a dollar is a flag to me. I am concerned on the donation aspect as well. Never felt much but reading currently in addition to awaiting responses.
Thanks
Thanks
Posted on 2/12/14 at 9:22 pm to thejudge
Act of donation anyone in Louisiana can do this. Does not have to be family
Posted on 2/12/14 at 9:30 pm to LSUgolf
Act of donation. I was told by DMV that I'd still have to pay sales tax on book value in order to get a plate.
Posted on 2/13/14 at 1:16 am to TigerGyp
quote:
Act of donation. I was told by DMV that I'd still have to pay sales tax on book value in order to get a plate.
I have read this as well
Posted on 2/13/14 at 1:25 am to thejudge
Do you think the gov't hasn't figured this out?
Posted on 2/13/14 at 5:23 am to Tigah in the ATL
As I recall, the two vehicles I was given ( car, tandem axle utility trailer) by my family members were assessed on their value or whatever horseshite price I said I paid for them. Regardless, the tax wasn't much. Whereas they taxed the shite out of me for my new vehicles. If your vehicles aren't new expensive models I don't think you're gonna get charged much by the state.
Posted on 2/13/14 at 6:04 am to Tigah in the ATL
quote:
Do you think the gov't hasn't figured this ou
Of course, I just don't see the need to pay additional taxes when no money is exchanging hands. There is no sale, just a swapping of titles.
Posted on 2/13/14 at 6:22 am to tigerinthebueche
donations among family are not taxed.
Posted on 2/13/14 at 6:51 am to thejudge
Both of you go to a title office. Don't go to the dmv it's a waste of your time. Title offices are quick and usually have better employees. Make sure you have the titles and that they are ear titles (no holds, liens, 2nd parties, etc. )
You can sell a vehicle to for any amount you want. I've always used $300. Pay your $30 dollars in taxes and your titling fees and your good. If this is in Louisiana you'll get your plate right then. Then do the sale of the other one. If you trade or donate you will both be responsible for the taxes on book value.
I've bought many vehicles from individuals and if I use this method a lot. I've sold a few vehicles and asked the other party what they want to report.
You can sell a vehicle to for any amount you want. I've always used $300. Pay your $30 dollars in taxes and your titling fees and your good. If this is in Louisiana you'll get your plate right then. Then do the sale of the other one. If you trade or donate you will both be responsible for the taxes on book value.
I've bought many vehicles from individuals and if I use this method a lot. I've sold a few vehicles and asked the other party what they want to report.
Posted on 2/13/14 at 7:07 am to DLauw
Exactly. Do not use an act of donation form,you will be out of pocket on book value taxes. Do two Bill of Sales, go to the title/notary place, and put a few hundred bucks on each Bill of Sale. They will assess taxes on that amount.
Posted on 2/13/14 at 8:59 am to DLauw
quote:
DLauw
Thanks. That's what I was lookingfor.
Should in head to a notary and get everything done and motorized before heading to the title places?
This post was edited on 2/13/14 at 9:03 am
Posted on 2/13/14 at 9:00 am to thejudge
I just did this. I traded a Silverado for a Nissan Altima. You do an act of donation and no tax is required in Louisiana.
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