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re: How to avoid paying taxes twice on vehicle purchase?
Posted on 5/16/22 at 10:30 am to LSUDbrous90
Posted on 5/16/22 at 10:30 am to LSUDbrous90
quote:Are they fitting the car to you or are you purchasing it from them? You could be committing fraud here.
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.
I would look into an assignment of the lease buy option as opposed to dancing with a fraudulent transfer.
1
Posted on 5/16/22 at 11:45 am to WDE24
quote:
Are they fitting the car to you or are you purchasing it from them? You could be committing fraud here.
I would be paying them for what they bought out the lease for. Can you not just transfer the ownership to a family member? Feel like this would happen all of the time with parents buying 16 year old johnny a car then eventually transferring it to him later down the road.
quote:
She can assign the buy option to you, no need to do two transactions.
Not sure if that transaction is done yet or what. My father-in-law is handling it all and we are already driving the vehicle. He is an attorney so assume he knows what he is doing because I am surely not going to pay sales tax twice.
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