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Tax question about transfering ownership of a vehicle at the DMV,,
Posted on 4/25/10 at 9:23 pm
Posted on 4/25/10 at 9:23 pm
In-Laws just gave us there 1996 Suburban, need to get the registration in our name. What amount will I have to pay taxes on? Bluebook value?? Or should we just say we purchased it for a certain amount? BTW bluebook is somewhere around $2800.00 for the private party value.
Posted on 4/25/10 at 9:28 pm to 318Tiger Fan
can't they just gift it to you since its not very expensive?
Posted on 4/25/10 at 9:48 pm to 318Tiger Fan
Did they do an act of donation?
If so, they can claim the vehicle is worth less than the $2800.00 blue book value.
If so, they can claim the vehicle is worth less than the $2800.00 blue book value.
Posted on 4/25/10 at 11:00 pm to 318Tiger Fan
We did this (we actually paid the inlaws for the car) but did it as a "donation" ... I don't remember paying any taxes. Could be wrong but I truly don't think that we did.
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