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Need advice: Gifting a car registered in Texas to my grandson in Louisiana
Posted on 9/21/16 at 2:27 pm
Posted on 9/21/16 at 2:27 pm
In Texas, I have to assign the title, plus a Affidavit of Motor Vehicle Gift Transfer in front of a Notary. However, he lives in Louisiana and will register it there.
I want to make sure that I have everything he needs from me so that he can register this and have to pay the absolute minimum in sales taxes. If I gift it to him (value is approximately $4000) will he owe sales tax on what the state deems its value to be, or should I "gift him $500 and then let him purchase it for $500 from me?
Is the Texas form we fill out transferring it to him accepted in Louisiana, or is there another form that'll require I sign for it to be transferred to him?
Also, since he technically does not have a drivers license until January, can I even do this and him get the title in his name, or do I have to assign it to my son (his dad)?
Best advice?
I want to make sure that I have everything he needs from me so that he can register this and have to pay the absolute minimum in sales taxes. If I gift it to him (value is approximately $4000) will he owe sales tax on what the state deems its value to be, or should I "gift him $500 and then let him purchase it for $500 from me?
Is the Texas form we fill out transferring it to him accepted in Louisiana, or is there another form that'll require I sign for it to be transferred to him?
Also, since he technically does not have a drivers license until January, can I even do this and him get the title in his name, or do I have to assign it to my son (his dad)?
Best advice?
4
Posted on 9/21/16 at 11:40 pm to HubbaBubba
I remember the good old days in Texas when you could tell them you gifted or bought the vechile for little or nothing but that has been changed from what I've been told. Pretty sure both Texas and LA now access the value of the vechile vs what you paid but I could be wrong. I remember being shocked when I moved to LA 5 years ago and had to pay around $4k for both my vechiles after I had paid $850 to $750 per year when I lived in Charlotte. The amount of BS taxes I have paid on my vechiles is mind boggling.
This post was edited on 9/21/16 at 11:44 pm
Posted on 9/22/16 at 12:58 am to Rize
In LA if the car is old enough, and I don't remember how many years are required they will assess based on the price you give them. I bought a 15 year old vehicle one year ago and they just taxed what we put on the bill of sale which was a fraction of the actual value.
Posted on 9/22/16 at 2:12 pm to HubbaBubba
You will need to do an Act of Donation. The form can be found on LA. DMV's website. No tax due if you use this.
Additionally, make a copy of your Texas drivers license so they know you are not a Louisiana resident and give this to him.
If he has no Drivers license, then you can still put the vehicle in his name, he just cant get a plate and registration until he can drive. The only snag with this is if he has no ID, he won't be able to get the donation form Notarized. Might be best to put in his dad's name and then the Dad can later donate to him.
Hope this helps.
Additionally, make a copy of your Texas drivers license so they know you are not a Louisiana resident and give this to him.
If he has no Drivers license, then you can still put the vehicle in his name, he just cant get a plate and registration until he can drive. The only snag with this is if he has no ID, he won't be able to get the donation form Notarized. Might be best to put in his dad's name and then the Dad can later donate to him.
Hope this helps.
Posted on 9/22/16 at 2:39 pm to HubbaBubba
I bought my father in laws 2011 Chevy lets fully loaded from him for 100$. I think we owed like 300 for title transfer.
This post was edited on 9/22/16 at 2:41 pm
Posted on 9/22/16 at 9:59 pm to mikehansen11
Yep. Do the act of donation. And say in it the family relationship.
They used to not charge sales tax for donations from parent or grandparent. Assume that is still true but not sure.
If you are not related and try to call it a donation, they will likely call BS and charge tax on the book value.
They used to not charge sales tax for donations from parent or grandparent. Assume that is still true but not sure.
If you are not related and try to call it a donation, they will likely call BS and charge tax on the book value.
Posted on 9/22/16 at 11:42 pm to HubbaBubba
You need an act of donation form. My dad did this for me with my car from college (registered in AL) to me in LA. To my knowledge, all you need is the title, completed act of donation form, and your grandson can go to la DMV and register it.
If they try and charge him any more than the plate fee, ask to speak with a supervisor as I know there are a few nuances with the program and you may need some additional documents.
If they try and charge him any more than the plate fee, ask to speak with a supervisor as I know there are a few nuances with the program and you may need some additional documents.
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