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Donating/Selling car to sibling
Posted on 2/22/18 at 7:58 pm
Posted on 2/22/18 at 7:58 pm
After the flood I bought a vehicle for my sister to help her out. Car was paid with cash and insurance for the vehicle was under my name. She wants to take over the insurance and we want to put the car in her name. My question is, what's the best route to donate/sell her the vehicle and switch the insurance?
3
Posted on 2/22/18 at 8:21 pm to TigerSaint1
Gift it. If you are married you can gift up to 28.8k per year tax free. I'm guessing the car isn't worth more than that.
Posted on 2/22/18 at 8:37 pm to Mingo Was His NameO
I was thinking this would be the best route. Is it as easy as notarizing it in her name?
Posted on 2/22/18 at 11:21 pm to TigerSaint1
If you go to the DMV website there is a form to Donate the car. Needs to be signed and notarized. If you have one of those ABC title type places they can walk you through it so you don’t mess up.
Posted on 2/22/18 at 11:28 pm to TigerSaint1
OMV has an Act of Donation form.
Posted on 2/23/18 at 1:55 pm to Golfer
quote:You can do this or go to a title/notary place. I have done this on 2 vehicles from my family. There is about $100 or more fee associated with doing this that you or your family member will need to pay.
OMV has an Act of Donation form.
Posted on 2/24/18 at 7:40 am to TigerSaint1
Donate it, you paid taxes on it when you bought it there is no reason for the state to collect taxes again
Posted on 2/24/18 at 9:22 am to 756
Find a mobile Notary. You need the Act of Donation Form and then the back of the title needs to be properly notarized. The sale price needs to read, “DONATION,” on the Title.
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