cptn janks Posted April 7, 2010 Report Share Posted April 7, 2010 I just want to make sure, if I give a car to someone all I have to do is write "gift" in the price right? Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted April 7, 2010 Report Share Posted April 7, 2010 negative i just had this at the bmv last month they sadi u HAve to have some sort of price i said 30 bucks was a few dollars in taxes Quote Link to comment Share on other sites More sharing options...
Guest tbutera2112 Posted April 7, 2010 Report Share Posted April 7, 2010 paul doesnt know wtf hes talking about....yes, write gift and have it notarized, i just did this when i bought my car on a side note, if its not a real gift, and they pay you and youre trying to avoid taxes, DO NOT make a deposit into your bank...deposit littel amounts at a time or just keep cash....i bought my car and the guy signed it over as a gift, and then he deposited the money i paid him (minus the deposit i paid 4 days earlier) and it got audited and they looked up his bank records and found out he had a big deposit the same day he sold the car....they sent me a letter saying i owe them 500 for taxes and have 2 weeks to pay them Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted April 7, 2010 Report Share Posted April 7, 2010 paul doesnt know wtf hes talking about....yes, write gift and have it notarized, i just did this when i bought my car on a side note, if its not a real gift, and they pay you and youre trying to avoid taxes, DO NOT make a deposit into your bank...deposit littel amounts at a time or just keep cash....i bought my car and the guy signed it over as a gift, and then he deposited the money i paid him (minus the deposit i paid 4 days earlier) and it got audited and they looked up his bank records and found out he had a big deposit the same day he sold the car....they sent me a letter saying i owe them 500 for taxes and have 2 weeks to pay them See what happens when ur cheap? Write 30 to 100 dollars on it an pay the less then 20 dollars in tax an not worry about being "aduited" Me>you Quote Link to comment Share on other sites More sharing options...
Guest tbutera2112 Posted April 7, 2010 Report Share Posted April 7, 2010 See what happens when ur cheap? Write 30 to 100 dollars on it an pay the less then 20 dollars in tax an not worry about being "aduited" Me>you pretty sure it still woulda got audited even if it was that low...it was an 04 with 70k miles that booked for 12k at the time hell i bought it from a grove city cop and it was his idea...said it would be fine since his friend was the notary....guess thats what i get lol....im done cheaping out on that shit, not worth the hassle Quote Link to comment Share on other sites More sharing options...
cptn janks Posted April 7, 2010 Author Report Share Posted April 7, 2010 its a legitimate gift. no money exchanged or anything like that. Quote Link to comment Share on other sites More sharing options...
Guest tbutera2112 Posted April 7, 2010 Report Share Posted April 7, 2010 its a legitimate gift. no money exchanged or anything like that. then it shouldnt be a problem.... just stop by any bank and have it notarized, then take it in to the bmv already notarized...then you dont have to worry about the bmv having an issue with it like what happened to paul Quote Link to comment Share on other sites More sharing options...
Radio Flyer1647545514 Posted April 7, 2010 Report Share Posted April 7, 2010 The guy at the BMV should ask you if it's a "Gift" or a sale. Did for me anyway. Quote Link to comment Share on other sites More sharing options...
Stallion Motorsports1647545491 Posted April 7, 2010 Report Share Posted April 7, 2010 The guy at the BMV should ask you if it's a "Gift" or a sale. Did for me anyway. yep...gifts are 0 dollars Quote Link to comment Share on other sites More sharing options...
spooling 1g Posted April 7, 2010 Report Share Posted April 7, 2010 I remember a couple years ago i tried this when i gave a car to my mom and the lady at the bmv gave me shit about it,so i put $1.00 on it. Quote Link to comment Share on other sites More sharing options...
ansonivan Posted April 7, 2010 Report Share Posted April 7, 2010 Last time I took the "gift" approach I had to sign an extra document verifying that the vehicle was in fact a gift. Quote Link to comment Share on other sites More sharing options...
BBQdDude Posted April 7, 2010 Report Share Posted April 7, 2010 6 months ago BMV told me no more gifting. It had to be $1 or more. Quote Link to comment Share on other sites More sharing options...
Ziggy1647545504 Posted April 7, 2010 Report Share Posted April 7, 2010 My mother in law just two weeks ago gifted us her Saturn Vue. Local Title Bureau said to write "family transfer" on the sale price line, and no taxes get assessed. Quote Link to comment Share on other sites More sharing options...
LJ Posted April 7, 2010 Report Share Posted April 7, 2010 Just remember, the IRS can audit you for giving gifts. You are only allowed $13,00 per year. Quote Link to comment Share on other sites More sharing options...
Ziggy1647545504 Posted April 7, 2010 Report Share Posted April 7, 2010 Just remember, the IRS can audit you for giving gifts. You are only allowed $13,00 per year. That only applies to tax deductible gifts, does it not? If you gift a car to an individual, it isn't tax deductible, so no worries right? Quote Link to comment Share on other sites More sharing options...
LJ Posted April 7, 2010 Report Share Posted April 7, 2010 That only applies to tax deductible gifts, does it not? If you gift a car to an individual, it isn't tax deductible, so no worries right? No. It's gifts. It would fall under the gift tax. Quote Link to comment Share on other sites More sharing options...
1fast5gp Posted April 7, 2010 Report Share Posted April 7, 2010 Just remember, the IRS can audit you for giving gifts. You are only allowed $13,00 per year. It's true, and it's 13,000 for each donee. Donor always pays the gift tax so becareful when giving car away as "gifts" for people you don't know. I would just sell it for a dollar if given away as a gift. If they ask both parties when they audit. If you said you sold it for a dollar, there is nothing the City can do about it. http://www.irs.gov/businesses/small/article/0,,id=108139,00.html Quote Link to comment Share on other sites More sharing options...
Ziggy1647545504 Posted April 7, 2010 Report Share Posted April 7, 2010 It's true, and it's 13,000 for each donee. Donor always pays the gift tax so becareful when giving car away as "gifts" for people you don't know. I would just sell it for a dollar if given away as a gift. If they ask both parties when they audit. If you said you sold it for a dollar, there is nothing the City can do about it. http://www.irs.gov/businesses/small/article/0,,id=108139,00.html Hmmm... did not know that. Thanks! Quote Link to comment Share on other sites More sharing options...
CbusBusa Posted April 7, 2010 Report Share Posted April 7, 2010 My mother in law just two weeks ago gifted us her Saturn Vue. Local Title Bureau said to write "family transfer" on the sale price line, and no taxes get assessed. This is what I had to do too. $0 purchase price only works for family transer....per the lady at the BMV. I later traded a car for my Ranger and they wouldn't do $0 since it wasn't family. I just put $500 and paid the tax. Quote Link to comment Share on other sites More sharing options...
Guest tbutera2112 Posted April 7, 2010 Report Share Posted April 7, 2010 This is what I had to do too. $0 purchase price only works for family transer....per the lady at the BMV. I later traded a car for my Ranger and they wouldn't do $0 since it wasn't family. I just put $500 and paid the tax. thats why you have it notarized at the bank instead of teh bmv....bank doesnt give a shit how much you put on the title Quote Link to comment Share on other sites More sharing options...
LJ Posted April 7, 2010 Report Share Posted April 7, 2010 It's also a federal tax (gift tax) so the BMV doesn't really give a shit on the value of the gift. They would rather that you say $1 so that the state gets their $.05 and the county gets their $.025 cents Quote Link to comment Share on other sites More sharing options...
FyrhzrdGT Posted April 8, 2010 Report Share Posted April 8, 2010 The title to my truck said GIFT under purchase price no problem when I was in highschool, didn't pay any taxes. I think people are right about the family thing though. Quote Link to comment Share on other sites More sharing options...
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