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re: Gifting a car or selling it for cheap???
Posted on 3/14/24 at 9:22 am to AllsGroovn
Posted on 3/14/24 at 9:22 am to AllsGroovn
Gonna need estimated value to answer your question.
From the good ole boys of D&D:
When choosing between gifting a car and selling it for $1, gifting it is the simpler and best option. When you sell them the car, the person who receives it will be forced to pay sales tax to the state based on the vehicle’s fair market value—which will be significantly more than the $1 you sold it for.
From the good ole boys of D&D:
When choosing between gifting a car and selling it for $1, gifting it is the simpler and best option. When you sell them the car, the person who receives it will be forced to pay sales tax to the state based on the vehicle’s fair market value—which will be significantly more than the $1 you sold it for.
This post was edited on 3/14/24 at 9:29 am
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