Selling a Vehicle question

[BStowers023]

So if I bought a vehicle and still have the temp tags on it, haven't transferred the title or registered it in my name yet, can I legally sell it without doing so? I guess my question is, do I have to pay BS taxes on a car I just bought a month ago and want to sell?

[Zx2guy19]

To be legal, yes. Otherwise it's an open title which is illegal to do.

 

 

....illegal....

[bdhill]

how would the state find out if the title is never transferred?

[Zx2guy19]

If there's an issue with the title from the person you bought it from, you basically have to go back to that person and explain that you flipped an open title.

 

Or you could audited.

 

Or you could do it.

 

..."illegal"...

[Miller]

My spec racer was a flipped title. Do what you want.

[BStowers023]

So would I have to take the title to someone with a notary willing to do sketchy stuff? Wouldn't the BMV or title agency know that the title was never transferred just by the fact it wasn't in my name but I still sold it?

[zeitgeist57]

Did you sign the back of the title?

[BStowers023]

Did you sign the back of the title?

 

No

[Gergwheel1647545492]

If there's an issue with the title from the person you bought it from, you basically have to go back to that person and explain that you flipped an open title.

 

Or you could audited.

 

Or you could do it.

 

..."illegal"...

 

This is the truth. Yes you could just sell it and probably be OK, but if there is any issues at all you could then be in trouble as well. depends on the tax and how much risk you're willing to accept

[Zx2guy19]

So would I have to take the title to someone with a notary willing to do sketchy stuff? Wouldn't the BMV or title agency know that the title was never transferred just by the fact it wasn't in my name but I still sold it?

 

What does the amount say for how much you paid?

 

I ended up having a pain in the ass situation when I tried to do an open title last time. Ended up costing me a couple hundred and a few weeks.

 

Just pay the $50-60 it takes to put it in your name and do it the right way. Not worth getting in trouble or making a mistake.

[Gergwheel1647545492]

Just pay the $50-60 it takes to put it in your name and do it the right way. Not worth getting in trouble or making a mistake.

 

:lolguy: at $50-$60 in taxes for a car, you're assuming its under a $1000 car?

[Zx2guy19]

:lolguy: at $50-$60 in taxes for a car, you're assuming its under a $1000 car?

 

I'm assuming he didn't write the actual amount down for the vehicle. If it's open, may as well put 800 on there or something.

[BStowers023]

We put $3800 down as the selling price *cough, cough*

 

I think I'll probably just do it the "right" way and title it and pay.

 

Just is fucking stupid that you have to pay taxes on a car that has been taxed already. Taxes should only be paid on brand new vehicles, but no, the government has to get theirs.

[Rocky31186]

Yep I hate paying taxes on vehicles more than once. Most shady notarys I knew lost their license. So I do everything legal now. Get title put in my name then when I sell get it notarized in their name.

[spectragod]

I'm assuming he didn't write the actual amount down for the vehicle. If it's open, may as well put 800 on there or something.

 

That's ok till the state calls the seller and questions the amount.....been there, done that.

 

Not worth a few dollars to avoid paying taxes. If your going to flip cars, that's just part of the costs involved.

[Zx2guy19]

That's ok till the state calls the seller and questions the amount.....been there, done that.

 

Not worth a few dollars to avoid paying taxes. If your going to flip cars, that's just part of the costs involved.

 

All that states is a bill of sale to "prove" what you paid. I've flipped 30+ cars and only had it happen once.

[Rocky31186]

All that states is a bill of sale to "prove" what you paid. I've flipped 30+ cars and only had it happen once.

 

Yep, as long as buyer and seller agree to price. Now if the buyer changes the amount to 100$ and the seller doesn't know then you are in trouble.

Only had it happen once to me also, when it was a legit 200$ car

[-Alex-]

Selling the TJ?

[spectragod]

All that states is a bill of sale to "prove" what you paid. I've flipped 30+ cars and only had it happen once.

 

Roll the dice, a one in 30 chance of fraud......over a couple hundred dollars, I'd rather not have to deal with the "what if" scenario.

[Jewtoys]

We put $3800 down as the selling price *cough, cough*

 

I think I'll probably just do it the "right" way and title it and pay.

 

Just is fucking stupid that you have to pay taxes on a car that has been taxed already. Taxes should only be paid on brand new vehicles, but no, the government has to get theirs.

 

Things could be worse!

 

Here in NC, you pay property taxes yearly on everything. Cars,boats,skis,trailers,motorcycles, etc..... Have to pay a stupid yearly property tax, and if you sell it the next day, oh well.

 

Here they have the values in their systems, so you can't play the $1 game... the only time I've walked away feeling like I won, was with my Esprit. The system didn't have a value, and I said a buck.

[BStowers023]

Things could be worse!

 

Here in NC, you pay property taxes yearly on everything. Cars,boats,skis,trailers,motorcycles, etc..... Have to pay a stupid yearly property tax, and if you sell it the next day, oh well.

 

Here they have the values in their systems, so you can't play the $1 game... the only time I've walked away feeling like I won, was with my Esprit. The system didn't have a value, and I said a buck.

 

That's fucking awful. Taxation like that is literally theft. Most taxation is theft though.

[Zx2guy19]

Roll the dice, a one in 30 chance of fraud......over a couple hundred dollars, I'd rather not have to deal with the "what if" scenario.

 

With every car I buy/sell that doesn't have an accurate price, I write 4 bill of sales:

 

(2) with the correct amount that I paid/sold (one for me, one for the buyer/seller)

(2) with the agreed amount on the title (one for me, one for the buyer/seller)

 

 

Disclaimer: I have flipped one car in 5 years, so I don't do this anymore. All of this stuff is a risk and honestly if I flipped a car now, I'd do everything the correct way. Not worth the risk.

[RCode04]

A notary isn't affirming the legality of a sale. They are merely authenticating the signature on the title. That being said, flipping a car without paying the tax is bad mmmmkay.

[Geeto67]

Things could be worse!

 

Here in NC, you pay property taxes yearly on everything. Cars,boats,skis,trailers,motorcycles, etc..... Have to pay a stupid yearly property tax, and if you sell it the next day, oh well.

 

Here they have the values in their systems, so you can't play the $1 game... the only time I've walked away feeling like I won, was with my Esprit. The system didn't have a value, and I said a buck.

 

I always wondered about how it works in NC. Is it a small amount of tax? What is the the thing the tax was paying for or the behavior it is trying to discourage?

[Jewtoys]

I always wondered about how it works in NC. Is it a small amount of tax? What is the the thing the tax was paying for or the behavior it is trying to discourage?

 

I think it's like 3%, or something? Not exactly sure to be honest. Just know it sucks, when you have a bunch of junk.