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re: How to avoid paying taxes twice on vehicle purchase?
Posted on 5/16/22 at 11:45 am to WDE24
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.
Posted on 5/16/22 at 12:53 pm to LSUDbrous90
Some states exempt sales tax if you sell the vehicle within 10 days of purchase too.
Posted on 5/16/22 at 12:53 pm to LSUDbrous90
quote:
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.
You can, my wife has gifted her kids a couple of cars. If you need to pay your in laws for the car, and you dont need financing just give them the money outside of the transaction, no one is going to come to your house, and arrest you for tax fraud.
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