2007-04-05 13:02:49 · 17 answers · asked by sunsetgirl2@verizon.net 1 in Cars & Transportation ➔ Buying & Selling
Yes,but taxes will have to be paid~
2007-04-05 13:05:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Of course you can. You only need be concerned with gift tax if the fair market value exceeds $9,999.00. My infofmation is by memory, so you want to verify this. Gift tax is paid by the one GIVING the gift, not by the one receiving it. You can get your questions answered by ordering Publication 17 from the IRS. It's free. Call 1-800-829-1040 to order or get forms ph.#
2007-04-05 13:11:44 · answer #2 · answered by mark747 4 · 0⤊ 0⤋
Yes, but you have to be careful, especially if your selling it to someone but putting gift to get out of the taxes. Some states only allow "GIFT" for transfers within a family. If its worth a lot they'll want the tax on its NADA value.
2007-04-05 13:05:44 · answer #3 · answered by y2bmj 4 · 0⤊ 0⤋
Only to immediate family members. Otherwise the buyer will be responsible for the sales tax based on 'Blue Book' value, not matter what the selling price was.
(Although, it depends which state.)
2007-04-05 13:06:34 · answer #4 · answered by Skyhawk 5 · 0⤊ 0⤋
I imagine that the rules vary by state. I know here in California, you can gift a car
See the link below for the scoop from the DMV
2007-04-05 13:12:23 · answer #5 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
Yes but the people that get the title in there name still have to pay the state as if it were sold for the lowest value they llow plus the cost of liscence and processing fees and all. at least thats how it is here.
2007-04-05 13:06:36 · answer #6 · answered by baldy 4 · 0⤊ 0⤋
Yes
2007-04-05 13:05:44 · answer #7 · answered by david786 4 · 0⤊ 0⤋
You can say you did, but in most states unless it's between first generation family members (husband to wife, father to son, etc.) there is no advantage to doing so. You would still pay based on the value of the vehicle.
2007-04-05 13:07:02 · answer #8 · answered by oklatom 7 · 0⤊ 0⤋
It depends on the state you live in, there are different tax laws for each state.
In the state of Wisconsin we have a provision to allow the sale of a vehicle to a family member for one dollar.
2007-04-05 13:10:17 · answer #9 · answered by Wraith53089 3 · 0⤊ 0⤋
If you are talking about giving the profits as a gift, yes, as long as it is not more than 12K,,, but I am not a tax attorney.
2007-04-05 13:05:21 · answer #10 · answered by laura D 2 · 0⤊ 0⤋
yes and this will make it to where the buyer doesnt have to pay sales tax on the vehicle, but make sure you both say it was a gift so they dont get suspicious!
2007-04-05 13:07:46 · answer #11 · answered by b-rad 3 · 0⤊ 0⤋