How can this be done? I live in the state of Virginia. Thank you.
2006-12-12 07:37:32 · 9 answers · asked by pc 1 in Cars & Transportation ➔ Insurance & Registration
You need a bill of sale showing $0 paid and stating it is a family transfer.
You can get a bill of sale for VA at
www.uslegalforms.com
2006-12-12 07:44:59 · answer #1 · answered by Sir J 7 · 0⤊ 0⤋
Can't speak for Virginia, but I can speak for Michigan -- you can give a car to a family member as a gift simply by writing the word "GIFT" on the title where it asks for the selling price. The Secretary of State here has tightened up the rules a little bit though -- if the car is 5 years old or more there's no problem, but if it's less than 5 years old they can assess tax based on the fair market value of the car, regardless of whether the car is gifted or sold for a very small amount (like $100.00). You may want to check with your local DMV office to see if they have any special restrictions like that.
2006-12-12 07:47:41 · answer #2 · answered by sarge927 7 · 0⤊ 0⤋
If there is no proof of how much was paid for the car,the DMV will put a value on it for tax purposes. That goes for if you tell them a purchase price that is far below the value of the car. They can make you pay taxes on what the car is worth,not what you paid for it. Don't know how it is in Wisconsin,but in my state,you can only gift a car and avoid the tax to an immediate family member. Parent,child or sibling.
2016-05-23 15:27:10 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Check with Virginia DMV, there should be a website. Virginia DMV will get you to their website. I can't speak for Va. but I have done motor vehicle work in different states, and most do allow a vehicle to be gifted from one family member to another. Your state should have some kind of form to fill out.
2006-12-12 09:36:55 · answer #4 · answered by just me 6 · 0⤊ 0⤋
Where I live all you have to do is fill out a form to say that you are gifting it to a family member with no moneys changing hands. Check with the dmv in your area or even the insurance guy should know.
2006-12-12 07:43:11 · answer #5 · answered by Rudedude 4 · 2⤊ 0⤋
My brother sold me a car once, and when I went to register it and get the title, we put the price at something like $10. Sales tax was pennies.
2006-12-12 07:45:21 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Sell it to them for $50 or $100, there won't be much tax on that . . . the vehicle is yours, you can sell it for any amount.
More important - get the title out of your name or all the legal liability of tickets, accidents or whatever stays with you.
2006-12-12 07:43:45 · answer #7 · answered by kate 7 · 0⤊ 1⤋
sell it to them for $1. Yes a buck. Sign th title app and voila. no probs.
2006-12-12 07:52:20 · answer #8 · answered by Rell Smooth 3 · 0⤊ 0⤋
Easy - sell it for one dollar - it is totally legal and people do it all the time.
2006-12-12 07:45:19 · answer #9 · answered by nachosmyman 3 · 0⤊ 0⤋