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re: Gifting a car or selling it for cheap???
Posted on 3/15/24 at 1:16 pm to Chad504boy
Posted on 3/15/24 at 1:16 pm to Chad504boy
quote:In Texas, you can swap titles and there is no sales tax. However, if you swap titles and receive an amount of cash (his car is worth $30k, and yours is worth $35k) then you must pay sales tax on the extra amount you received above the valuation of the car you swapped for.
i mean if we're dealing with a 10k private party value vehicle... if you tell the auto title transfer place you sold it for 8k, it won't raise any hairs. you pay taxes on 8k. if you tell the dmv you sold it for $1000, it begins to look pretty sus. You're essentially still gifting 9k in that scenario.
auto title people don't need to see proof of money purchase.
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