Hi there!
I'm in CA ,and just buy a used car from a private seller ($4500) and am going to transfer the title in coming days, should I ask seller to put the amount in $0 ? or in a low price?
Should seller go to DMV with me, or just write a letter that indicate that car is a gift for me?
the seller is one of my friend, and she can/will help me if DMV or someone want to ask for the truth...
The seller is going to leave US to another country, can she just use this reason and give me the car as a gift?
hope can get some real experience from you guys!
thank a lot :)
2007-07-03 17:46:38 · 3 answers · asked by James C 2 in Cars & Transportation ➔ Buying & Selling
If you claim it as a gift, you could end up having to pay gift tax which is much higher than sales tax. In Missouri , on privets sales, we claim about $100. This keeps the tax low and prevents gift tax.
2007-07-03 18:46:10 · answer #1 · answered by fastidle101 2 · 0⤊ 0⤋
$0
2007-07-03 17:53:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
never a gift it makes people think something is going on. low price makes better sence.just say 150 dollars.
2007-07-03 18:10:04 · answer #3 · answered by HyperGforce 7 · 0⤊ 0⤋