taxed or will she get taxed? She's thinking about registering the car in New Jersey. Thank you.
2007-04-02 12:14:26 · 9 answers · asked by Porsche317 1 in Cars & Transportation ➔ Buying & Selling
you
2007-04-02 12:16:30 · answer #1 · answered by andumbbrunette 3 · 0⤊ 0⤋
she will get taxed majorly since it is a gift. somtimes the taxes are more then the car itself
check with the local dmv though
you know those cars the give away on game shows. the constant has to pay the taxes and registration fees
2007-04-02 19:18:42 · answer #2 · answered by nexgirl101101 4 · 0⤊ 0⤋
It's best to spend a few more $ and talk with a CPA, who specializes in tax accounting (you'll probably have to wait until after April 15th to find one available, though).
She will be taxed on income (gift) both federal and state, sales, title and license. The accountant will tell you how to minimize her gift tax (and won't cost nearly as much as a lawyer), and whether you have any tax liabilities, as well.
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2007-04-02 19:19:29 · answer #3 · answered by tlbs101 7 · 0⤊ 0⤋
As far as I know, if you give a car to family, there is no tax, just the cost of changing the owner on the car.
2007-04-02 19:20:37 · answer #4 · answered by Bruce H 1 · 0⤊ 0⤋
Well, when you sign the title over, depends on how much you put down as the sale price to her. Be honest, or how ever much you 2 agree on a price. Most DMV's will charge a state sales tax on the amount written on the sale of the title.
2007-04-02 19:17:38 · answer #5 · answered by Silverstang 7 · 0⤊ 0⤋
i know you can sell a car to a family member in PA for $1 so the tax is minimal. not sure about cousins or other states. but DVM's and auto tag places here dont look into that stuff to deeply if you lknow what i mean.
2007-04-02 19:18:45 · answer #6 · answered by matt83840 5 · 0⤊ 0⤋
You have to pay tax,title and license at time of purchase.
2007-04-02 19:20:20 · answer #7 · answered by James B 5 · 0⤊ 0⤋
I Dunno....
But... Help this awsome guy reach 500 answers
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2007-04-02 19:17:07 · answer #8 · answered by mariam; 3 · 0⤊ 0⤋
put it under her name and she will be taxed
2007-04-02 19:16:38 · answer #9 · answered by someebeooddyyy 4 · 0⤊ 0⤋