I live in Illinois, if there's anything specific. I can't find any info on illinois DMV website. Thanks!
2006-12-30 09:11:40 · 14 answers · asked by gift_gif_gi_g 1 in Cars & Transportation ➔ Insurance & Registration
If you want him to pay as little taxes on the registration of the car as possible, you have to sell it to him for $1.00. Then they will only tax the dollar.
If you go in there and tell them you just gave it to him, they will "estimate" the car's value and tax him on that amount. (which will be way more than being taxed on a $1.00)
You need to find the title, he will have to have that when he goes to get it registered in his name. It would be best if you went with him in case they need something else signed (they always need something else signed)
You are a nice brother!!
M
2006-12-30 09:16:47 · answer #1 · answered by maamu 6 · 1⤊ 0⤋
You must transfer the title to him. Fill out the back of the title card you should have, if you own the car free and clear, and you'll need to show a selling price on the title. Most people I know (including me) transfer titles with a $1.00 selling price to friends and family. You'll have to declare the sale and pay the sales tax ... a few cents ... sign over the title card and your brother goes to your local DMV office or center and registers the car in his name. It's pretty simple!
2006-12-30 17:22:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I just had a car givin to me. It was a 2001 chevy geo. We went up to the DMV, and transferred the title into my name. It cost about 25.00 to get it all done. No problem. I didn't have to pay sales tax either, since it wasn't sold to me, but givin to me. Your state may have different laws than ours, but check with the DMV. Talk to a real person there, and not a computer. Good luck.
2006-12-30 17:26:30 · answer #3 · answered by nightowl750 2 · 0⤊ 0⤋
i dont know about illinois, but here in minnesota we have a form called "gift of vehicle". we have people fill out that form and bring it with when they go to transfer the vehicle to the other person's name. even if you sell that vehicle for $1, your brother is still going to have to pay all of the fees that apply to switching a title into another persons name. my advice to you is to either go into a local car dealership and see if they have a form like that or call your local dmv and ask them. good luck!!!
2006-12-30 17:22:46 · answer #4 · answered by meatball822 3 · 0⤊ 0⤋
There is often this information on the state's DMV website. I donated my car to a charity and all the steps I needed to take were easily explained on my state's website.
2006-12-30 17:20:26 · answer #5 · answered by here_nor_there 4 · 0⤊ 0⤋
Forget about paying the fees to transfer it into his name or standing in line for 1 hour at the DMV to deal with someone who doesn't care and is rude.. Just give him the set of keys, and leave it in your own name. No hassle, no wasted time, no money expended.
2006-12-30 21:38:50 · answer #6 · answered by addi 1 · 0⤊ 0⤋
http://www.sos.state.il.us/services/services_motorists.html is the official IL web page. Many states allow family members in the first generation to gift vehicles without paying fees, mother to child, among siblings. I don't know if IL does that or not, call and DMV and ask.
If they do, you will take him to the DMV and sign the title as seller, he will sign as buyer and they will take care of the rest.
2006-12-30 17:47:39 · answer #7 · answered by oklatom 7 · 0⤊ 0⤋
all you have to do is go to the DMV and get a number. when they call you, bring them the Title of the Vehical, (you must own it, you cant still be paying it off from someone). then they'll tell you to write whats the miliage, license plate number, and a few more easy questions then thats it. they'll print you a new title of registration under your brothers name.
2006-12-30 17:16:09 · answer #8 · answered by Anonymous · 0⤊ 0⤋
For income tax reasons (his - a free care is income) I'd suggest you take a much easier route. Sell it to him for $1. Fill out a bill of sale just like you were doing a private sale to anyone else for a regular amount.
2006-12-30 17:15:14 · answer #9 · answered by UNITool 6 · 0⤊ 0⤋
Most states would require a "gift tax". I would just sell it to him for $1 and pay the tax on that!
2006-12-30 17:14:34 · answer #10 · answered by John 4 · 0⤊ 0⤋