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Donated car
Posted on 1/14/25 at 6:07 pm
Posted on 1/14/25 at 6:07 pm
I have a car being donated (gifted) to my son. Blue book value is around $11K. When switching the title over, should we just file it as a donation or is there any reason we should create a bill of sale for say $500 or so? Some people have told me to not accept it as a donation, but haven’t been able to articulate why, just stated for tax purposes.
4
Posted on 1/14/25 at 7:10 pm to LSUlove
Either way you pay taxes. My parishes DMV office uses NADA value for taxes. So they don’t care what Amount you put on a BOS.
As a notary when you tell me you’d like to put on a BOS or donation $500 on a $11k vehicle I tell you where the door is, use it.
As a notary when you tell me you’d like to put on a BOS or donation $500 on a $11k vehicle I tell you where the door is, use it.
Posted on 1/14/25 at 7:39 pm to LSUlove
Does this not fall under the one time gift limit ($19,000 for 2025)?
Posted on 1/14/25 at 8:08 pm to LSUlove
Fill out this form for the actual fair market value. LINK
Fill out the Title as well.
You won’t have to pay taxes if the car was previously registered in LA.
Go to an ABC Title, not DMV, and they will hold your hand if you bring that form and the title notarized. Although, they can notarize it as well but if you have an attorney friend then it’s free.
Fill out the Title as well.
You won’t have to pay taxes if the car was previously registered in LA.
Go to an ABC Title, not DMV, and they will hold your hand if you bring that form and the title notarized. Although, they can notarize it as well but if you have an attorney friend then it’s free.
Posted on 1/14/25 at 9:01 pm to lighter345
quote:
Go to an ABC Title, not DMV, and they will hold your hand if you bring that form and the title notarized. Although, they can notarize it as well but if you have an attorney friend then it’s free.
Thank you! Do both the seller (gifter) and buyer (giftee) need to be present to sign the title and be notarized? Or can the seller sign without the notary present and I sign as it’s notarized?
Posted on 1/14/25 at 9:35 pm to LSUlove
If you read the top of the back page of the title it will say exactly what needs to be done but I believe the seller actually has to have their signature notarized and the Buyer can just be witnesses by two people.
Posted on 1/14/25 at 10:37 pm to tigeraddict
quote:
Does this not fall under the one time gift limit ($19,000 for 2025)?
That is the requirement for federal gift tax filing.
OP is talking about state level sales tax / registration fees / transfer fees.
Posted on 1/14/25 at 11:00 pm to LSUlove
Do a donation.
In Louisiana, if you donate to a close relative, like a son, you can do so tax free. If it is a sale, you can’t just put any value you want, it has to be close to the real value. The DMV will charge you a tax on a sale but not a donation.
My answer would be different if real estate was involved because of possible future capital gains taxes.
In Louisiana, if you donate to a close relative, like a son, you can do so tax free. If it is a sale, you can’t just put any value you want, it has to be close to the real value. The DMV will charge you a tax on a sale but not a donation.
My answer would be different if real estate was involved because of possible future capital gains taxes.
Posted on 1/15/25 at 8:10 am to geauxpurple
If it is a clean title, only the first assignment. The seller signs the title in front of two witnesses. You bring the title with one of the witnesses who saw the seller sign. Then it can be notarized.
Posted on 1/15/25 at 8:13 am to Oystaeata
For a donation you would need a separate act of donation filled out with 2 witnesses.
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