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Are there special taxes? What would stop a wealthy person from giving another person a Ferrari and writing up a bill of sales for like $500 so that person doesn't have to pay a gift tax? What about resell?

2006-12-08 05:00:50 · 3 answers · asked by Anonymous in Cars & Transportation Buying & Selling

typo- I meant Car

2006-12-08 05:01:28 · update #1

3 answers

Nothing happens.
If someone sell you a regular expensive car (I don't know about those exotic cars) for $50. You will pay tax on $50.
You may raise a few eyebrows, but it is what it is.
As for resale, you gould then sell it for whatever you want.

2006-12-08 05:04:50 · answer #1 · answered by Wil T 3 · 0 2

in Texas the state taxes you on the value of the vehicle unless it's more than 10 years old...so you'll have to pay the tax on a 1999 Taurus but only the sales price on a 1962 Ferrari 250gt swb

2006-12-08 14:32:14 · answer #2 · answered by zskip62 5 · 0 0

pending where you live, and what the laws are. here in canada, no matter what we pay for the car, the mto charges the tax from the wholesale value of the car. unless the car is worth less than a $1000, then you pay tax on what you paid.

2006-12-08 13:05:22 · answer #3 · answered by boost_junkie 2 · 2 0

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