truckin Posted November 26, 2014 Report Share Posted November 26, 2014 Probably trading vehicles with a guy in Indy ( even trade). What do I need to do on the title to handle this? No money will exchange hands. Thanks Quote Link to comment Share on other sites More sharing options...
STEVE-O Posted November 26, 2014 Report Share Posted November 26, 2014 Per Ohio law you can not trade. They will tell you to out vehicle value and pay taxes on that. Do yourself a favor and put a reasonable amount down and just pay the tax. Trust me on this one over 50 cars and haven't had a issue. Don't be the idiot who puts down $1. Quote Link to comment Share on other sites More sharing options...
nurkvinny Posted November 26, 2014 Report Share Posted November 26, 2014 Traded a z28 for a chevelle couple years ago. He and I both agreed we valued our cars at $150. Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted November 26, 2014 Report Share Posted November 26, 2014 Traded a z28 for a chevelle couple years ago. He and I both agreed we valued our cars at $150. They can come after you for the balance of taxes. They have the right to collect tax based on an estimated "fair market value" of the vehicle regardless of what you state you paid. Quote Link to comment Share on other sites More sharing options...
Rocky31186 Posted November 26, 2014 Report Share Posted November 26, 2014 I have always agreed on 500$ value. You can no longer gift is what I was told Quote Link to comment Share on other sites More sharing options...
RyM3rC Posted November 26, 2014 Report Share Posted November 26, 2014 They can come after you for the balance of taxes. They have the right to collect tax based on an estimated "fair market value" of the vehicle regardless of what you state you paid. Yep, I bought and sold a classic corvette project for cheap awhile back, and damnit if I didn't get those nastygram letters every year or two asking me to confirm all kinds of BS. Quote Link to comment Share on other sites More sharing options...
nurkvinny Posted November 26, 2014 Report Share Posted November 26, 2014 They can come after you for the balance of taxes. They have the right to collect tax based on an estimated "fair market value" of the vehicle regardless of what you state you paid. Indeed they can. I'm well over the 50 bought/sold number at this point. Never had a trade questioned(10 maybe?). I've also never put less than $100. OP might be looked at closer with an out of state deal. Quote Link to comment Share on other sites More sharing options...
STEVE-O Posted November 26, 2014 Report Share Posted November 26, 2014 Good way is to always put $500 and say it is in poor condition Quote Link to comment Share on other sites More sharing options...
mrhobbz Posted November 26, 2014 Report Share Posted November 26, 2014 Yep, no trades anymore. I just did this a few months back. "Traded" a pickup truck with 66k miles for another with a broken odometer. $500 prices on both titles, paid them the tax which I think came out to $30 some dollars, no questions asked. Quote Link to comment Share on other sites More sharing options...
-Alex- Posted November 26, 2014 Report Share Posted November 26, 2014 Cheap asses lol. I never put less than $1000, it's only ~$70 in taxes. I have gotten a questionnaire twice though after a trade asking what the selling price and all that was, don't know if that was a coincidence or not. I just filled it out accordingly with what the other person and I agreed on and mailed it in. Quote Link to comment Share on other sites More sharing options...
truckin Posted November 26, 2014 Author Report Share Posted November 26, 2014 I think we'll both agree to an amount over $500. So basically I'm officially buying his for say 500 and he's buying mine for 500. Thanks for the help CR! Glad I asked instead of just assuming Quote Link to comment Share on other sites More sharing options...
iwashmycar Posted November 27, 2014 Report Share Posted November 27, 2014 Yeah good info. I always wondered how it might work! Quote Link to comment Share on other sites More sharing options...
STEVE-O Posted November 27, 2014 Report Share Posted November 27, 2014 Like Alex said just make sure you agree is the key in case they send anything. Ten it is as easy as full out the paper and turn it in. Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted November 27, 2014 Report Share Posted November 27, 2014 Best way to protect both buyers is to also have a bill of sale (or two) that states that you agreed to pay $X amount. That way if the state audits the seller and he slips up and claims there was a trade or a higher dollar amount exchanged, you have a signed document backing you up. Quote Link to comment Share on other sites More sharing options...
Chief8one Posted November 27, 2014 Report Share Posted November 27, 2014 Hmm... I've never had issues with putting $50 on the transaction. But then again I'm no Cr baller. I like junk Quote Link to comment Share on other sites More sharing options...
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