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Question on giving a car away

Discussion in 'The Lounge' started by flathunter, Mar 18, 2005.

  1. flathunter

    flathunter Mellons mentor

    I am going to give my son one of my old cars, will he still have to pay tax on it?..Or should I sell it to him real cheap to save on taxes ;)
     
  2. Zfish

    Zfish More Horsepower Raider!!

    Being your son you could techinally "gift" it over to him being immidiate family. I gifted my little truck to my dad last year. Of yes you could say you sold it for a lower price to save on taxes :)
     

  3. Tell the Title Bureau it was a gift, you can gift so many cars a year. It will not cost a thing.
     
  4. H2O Mellon

    H2O Mellon Hangin' With My Gnomies

    Jack,

    My dad & I just did this 2 weeks ago. I had my older Jeep in his name, titled in Hokcing County, to save on tags & plus he drove it most of the time, but we put it in my name. Go the gift route, it's real easy & the DMV will help you. So is Steven going to be driving Old Pops around now?
     
  5. DaleM

    DaleM Original OGF Staff Member

    By putting "gift" or family transfer he won't have any taxes to pay. Doing this with in a family is the way to go. What the others said is correct.
     
  6. Just gave my daughter a car this week,$6.00 to change the title,$1.00 for notory.No taxes paid :)
     
  7. flathunter

    flathunter Mellons mentor

    Thanks guys...No Bryan he wont be driving me around..I am just tired of taking him to and picking him up from work on the weekends, it's fishing season!
     
  8. Give it to him for free, but when you sign the title transfer put down that you sold it to him for $100.00 and then he won't have to pay more than $10.00 in taxes for it.
     
  9. If you gift it to him, you will pay 0 dollars in taxes.
     
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