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re: How to avoid paying taxes twice on vehicle purchase?
Posted on 5/15/22 at 4:27 pm to LSUDbrous90
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.
1
Posted on 5/16/22 at 9:04 am to Xanthus
quote:
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.
Sounds simple enough.
quote:
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.
My mother in law already got another vehicle on a 3 year lease. My understanding is they buy out the lease and pay taxes on that then would gift/transfer/donate the vehicle to us and that is tax exempt if I understand correctly.
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