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Started By
Message
Auto Transfer Question
Posted on 11/15/18 at 8:48 am
Posted on 11/15/18 at 8:48 am
I have been driving a company vehicle for 7 years. The vehicle is worth between $18-$20K according to KBB. The owner of the company has offered to sell it to me for $100. How do we transfer the vehicle to me in a way that minimizes the amount of tax that I have to pay to register it with Louisiana DMV?
I am hoping to be able to claim somewhere between $5K-7K on the bill of sale and only pay taxes on that.
I am hoping to be able to claim somewhere between $5K-7K on the bill of sale and only pay taxes on that.
10
Posted on 11/15/18 at 8:52 am to jflsufan
In the blank where it says "Sales Price", put $100.
Posted on 11/15/18 at 8:54 am to jflsufan
I think you pay on the value not sales price.
Posted on 11/15/18 at 8:55 am to AUCE05
Nope - you pay taxes on the sales price.
Posted on 11/15/18 at 8:57 am to jflsufan
quote:
a way that minimizes the amount of tax that I have to pay to register it with Louisiana DMV?
the state knows what the approximate value of the vehicle is and you will be taxed accordingly, cheapskate
Posted on 11/15/18 at 8:59 am to 777Tiger
Zactly. One thing you can count on is the man getting his cut.
Posted on 11/15/18 at 8:59 am to FuzzyBearE
In the state of Louisiana, you pay taxes based on the sales price, not the value.
Posted on 11/15/18 at 9:00 am to 777Tiger
quote:
the state knows what the approximate value of the vehicle is and you will be taxed accordingly, cheapskate
Hey man a dollar is a dollar.
Posted on 11/15/18 at 9:01 am to jflsufan
quote:
Hey man a dollar is a dollar.
oh I hear you, it didn't come easy, ain't letting go of it easily
Posted on 11/15/18 at 9:01 am to SwampTrash
quote:
In the blank where it says "Sales Price", put $100.
I don't think that will fly but I was hoping that a reasonable amount such as $5k-7K would. That would save me about $1K in sales tax.
Posted on 11/15/18 at 9:03 am to bubbz
quote:
In the state of Louisiana, you pay taxes based on the sales price, not the value.
This is the answer that I am looking for. Are we sure about this?
Posted on 11/15/18 at 9:04 am to jflsufan
quote:
I don't think that will fly but I was hoping that a reasonable amount such as $5k-7K would. That would save me about $1K in sales tax.
that's a better strategy, I think if you put down a reasonable figure that is at least in the ballpark you stand a better chance of saving a few bucks rather that going straight lowball
Posted on 11/15/18 at 9:06 am to jflsufan
quote:
Are we sure about this?
not true, a simple google search will show you that a vehicle is taxed on its value, not the sales price
Posted on 11/15/18 at 9:06 am to AUCE05
quote:
I think you pay on the value not sales price.
not in louisiana
OP, you can even list it as a donation
Posted on 11/15/18 at 9:07 am to 777Tiger
Kinda curious, why wouldn't that fly if that is the legit sale price and that is how LA charges tax? Draft up a receipt in the company letterhead and have all the documents ready to prove it.
Posted on 11/15/18 at 9:10 am to Dam Guide
quote:
Kinda curious, why wouldn't that fly if that is the legit sale price and that is how LA charges tax?
dealing with state bureaucracy? I think you only get a break if you're active duty mil, even if the vehicle is donated, the donee will still pay taxes to register, the man gone get his cut!
Posted on 11/15/18 at 9:12 am to 777Tiger
quote:
a simple google search will show you that a vehicle is taxed on its value, not the sales price
not in Louisiana.
Posted on 11/15/18 at 9:12 am to AUCE05
That’s the GA (and likely other states) way. In LA, tax is on stated value.
I now know this because VINWiki has several videos about GA going after exotic car owners for Montana registrations. One of the arguments is that GA’s valuations are jacked up and overtaxes.
Either way, I think it’s effed up that a car is taxed after the initial sale.
I now know this because VINWiki has several videos about GA going after exotic car owners for Montana registrations. One of the arguments is that GA’s valuations are jacked up and overtaxes.
Either way, I think it’s effed up that a car is taxed after the initial sale.
Posted on 11/15/18 at 9:13 am to Lester Earl
quote:
not in Louisiana.
that's what the LA web site says on my computer?
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