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Message
re: Auto Transfer Question
Posted on 11/15/18 at 9:17 am to Dam Guide
Posted on 11/15/18 at 9:17 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? Draft up a receipt in the company letterhead and have all the documents ready to prove it.
I'm just afraid that it will look too squirrely with a $100 sales price and that will flag them to look up the NADA value.
1
Posted on 11/15/18 at 9:18 am to 777Tiger
whatever you are reading is wrong
quote:
Vehicle Title Transfer Fees
The fees for an auto title transfer in Louisiana are as follows:
All titling transactions: $68.50.
Lien release fee: $76.50.
Handling fee: Varies by OMV branch location.
In-person credit/debit fee: Additional $1.25 plus 1% of the transaction total.
E-check fee: Additional $1.
Sales tax: Based on where you live and the selling price of your vehicle.
Posted on 11/15/18 at 9:21 am to jflsufan
quote:
I'm just afraid that it will look too squirrely with a $100 sales price and that will flag them to look up the NADA value.
Why?
People do this all the time legitimately with cars and property.
I can look up property transfers in my county and see "$5" listed as the sales price on a ton of properties. I don't see why vehicles would be any different.
Posted on 11/15/18 at 9:37 am to jflsufan
Technically you also need to report the difference in KBB and the sale price as income to the IRS I believe.
Posted on 11/15/18 at 9:44 am to jflsufan
quote:
This is the answer that I am looking for. Are we sure about this?
This is 100% true in the state of Louisiana. You pay taxes on sales price not value. I’m in this line of work going on 11 years now. Trust me, it’s accurate.
Posted on 11/15/18 at 9:46 am to jflsufan
Had almost the same thing happen. My company sold me my company truck for $10, had a notarized, bill of sale stating price. DMV would not accept it, stating they knew the value was more, fought a little, but ended up getting a bill of sale stating $1000, paid $90 for taxes and called it a day.
As others have said, you pay on the sale price, not the value.
As others have said, you pay on the sale price, not the value.
Posted on 11/15/18 at 9:48 am to pjab
I have sold two vehicles in the past five years to individuals. They paid tax on the sales price, but I wrote the sales price as something reasonable so the title place wouldn't go on the vehicle's market value. If they think you're trying to skirt taxes, they'll base it off of market value. So....they can do both.
I sold a Tahoe for $13.5k. Told the title place I sold it for $350, because it had a blown motor.
Sold an F250 for $19.5k. Told the title place I sold it for $2500 because it had a blown motor.
I sold a Tahoe for $13.5k. Told the title place I sold it for $350, because it had a blown motor.
Sold an F250 for $19.5k. Told the title place I sold it for $2500 because it had a blown motor.
Posted on 11/15/18 at 9:49 am to jflsufan
Is the vehicle currently registered in Louisiana? If not:
USE TAX
Use tax is due on all vehicles imported for use in this state when first registered in Louisiana. This tax is based on the book value of the vehicle. Credit can be given for up to 4% for tax paid in another state providing it is a state with which we have a reciprocal agreement. We must have proof of this tax for certain states.
Louisiana OMV
USE TAX
Use tax is due on all vehicles imported for use in this state when first registered in Louisiana. This tax is based on the book value of the vehicle. Credit can be given for up to 4% for tax paid in another state providing it is a state with which we have a reciprocal agreement. We must have proof of this tax for certain states.
Louisiana OMV
Posted on 11/15/18 at 9:51 am to jflsufan
100 on bill of sale ?? Don't understand your logic ? Itll be 6-10 dollars in sales tax..
Posted on 11/15/18 at 9:55 am to dfintlyHmmrd
quote:
Technically you also need to report the difference in KBB and the sale price as income to the IRS I believe
It's not that simple, but yes, income tax will probably be owed in this situation.
Posted on 11/15/18 at 11:18 am to WillyLoman
quote:
Is the vehicle currently registered in Louisiana? If not: USE TAX Use tax is due on all vehicles imported for use in this state when first registered in Louisiana. This tax is based on the book value of the vehicle. Credit can be given for up to 4% for tax paid in another state providing it is a state with which we have a reciprocal agreement. We must have proof of this tax for certain states.
The vehicle is currently registered in Louisiana.
Posted on 11/15/18 at 11:20 am to Airpower
quote:
100 on bill of sale ?? Don't understand your logic ? Itll be 6-10 dollars in sales tax..
I would love to put the $100 on the bill of sale and pay $10 in sales tax but I fear that they will look at the $100 sales price and say that seems low lets look up the NADA value and go off of that which would be $18K-$20K which would result in $1800-$2000 in sales tax.
Posted on 11/15/18 at 11:23 am to Mingo Was His NameO
quote:
Technically you also need to report the difference in KBB and the sale price as income to the IRS I believe
quote:
It's not that simple, but yes, income tax will probably be owed in this situation.
Yes. I will surely self report the difference in sales price vs value so that I can pay federal income tax on it.
Posted on 11/15/18 at 11:23 am to jflsufan
OP, I've never paid more than $300 for a vehicle or trailer in my life. I'm always charged taxes on the $300. Go to a title place. Don't go to the DMV.
Posted on 11/15/18 at 2:04 pm to jflsufan
Careful with that strategy, you may get a phone call saying you need to pay the fine in Itunes gifts cards to avoid being arrested
Posted on 11/15/18 at 2:47 pm to bubbz
quote:
This is 100% true in the state of Louisiana. You pay taxes on sales price not value. I’m in this line of work going on 11 years now. Trust me, it’s accurate.
When the sales price is reasonably within the veichles value.
My dad was unfamiliar with the act of donation process between family members and “sold” me my first car for $100 when I graduated. When I got to the LA DMV they wanted 9.5% of the FMV of the vehicle.
I promptly walked out and got an act of donation completed.
This post was edited on 11/15/18 at 2:53 pm
Posted on 11/16/18 at 11:24 am to jflsufan
That hasn't been my experience .... Could also say it was a gift (which I've done) and pay no sales tax.
Posted on 11/16/18 at 11:39 am to jflsufan
We do "family donation" and then they dont charge taxes, or at least they didnt last time we did that. They dont seem to care to ask for proof of kinship.
(Yes, we actually were related. I gave a few cars to my kids and family)
(Yes, we actually were related. I gave a few cars to my kids and family)
Posted on 11/16/18 at 11:41 am to gingerkittie
quote:
We do "family donation" and then they dont charge taxes, or at least they didnt last time we did that. They dont seem to care to ask for proof of kinship
You don't have to be family to receive a gift
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