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How to avoid paying taxes twice on vehicle purchase?
Posted on 5/15/22 at 4:08 pm
Posted on 5/15/22 at 4:08 pm
My mother-in-law's lease just came up on her vehicle and my wife & I are getting the car from her. How do we avoid having to pay taxes twice in the sense that the lease has to be bought out (taxed the first time) then the car has to be given/donated/sold to my wife & me (possibly taxed the second time)? Do we have to buy out the lease directly (if that's even possible) or do my in-laws have to buy the lease out and then "donate" the vehicle to us?
3
Posted on 5/15/22 at 4:27 pm to LSUDbrous90
Recently transferred my son's vehicle out of my name into his. The transfer was exempt from sales tax. So, thinking that your in-laws should take title from the lease buyout then transfer to your wife, in her name.
Posted on 5/15/22 at 8:08 pm to LSUDbrous90
I’m pretty sure the taxes are included in the monthly lease payment.
You would only pay taxes on your purchase.
Is she buying a new car? Do an in/out with the new dealer.
You would only pay taxes on your purchase.
Is she buying a new car? Do an in/out with the new dealer.
This post was edited on 5/15/22 at 8:09 pm
Posted on 5/17/22 at 12:05 pm to LSUDbrous90
quote:
just give them the money outside of the transaction, no one is going to come to your house, and arrest you for tax fraud.
This. The title change won’t matter, have heard of this being done tons of times with no issue
This post was edited on 5/17/22 at 12:09 pm
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