the car worth around $18,000. he said that he will just give it to me as a present. while i am thrilled, i don't know what should I do. I don't know if it'd be illegal if i just take it and will be able to change the title to me. would DMV ask me?? would i need to pay taxes for the $18,000.
Also, If i decide to buy if from it properly, what kind of agent do i have to go through? i'm just wondering. say, if i give him $18,000. and he doesn't hand me the car. then i will be screwed. so how does this work/?
2007-07-13 19:18:43 · 11 answers · asked by Deesa 2 in Politics & Government ➔ Law Enforcement & Police
If he gives you the car you will not have to pay any taxes on it. If you are going to spend $18,000 on a car then go to a dealer, not your boyfriend. There is a huge difference between him giving you the car any you paying him $18,000 so I'm a bit confused. Don't be suckered in.
2007-07-13 19:26:25 · answer #1 · answered by lcmcpa 7 · 4⤊ 0⤋
If you're in Texas, you can no longer sell a car for $1.00. LOL. They have closed that loophole and you have to pay taxes on the Blue Book Value, not what you bought it for. You can gift a car to someone though. But why would you want to? You're just a girlfriend and he wants to 'give' you an 18,000 car? I smell a rat and lots more trouble than it's worth. But if you don't mind being bought then knock yourself out.
2016-05-17 08:41:53 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Whoever's name is on the title pays the taxes (for an $18,000, it'll be quite a bit!) You don't need to go through an agent. You need him to sign over the title to you and you need to register it in your name. Do it in the presence of someone you BOTH trust so neither one of you gets screwed. Once he signs the paper, swap with the method of payment... once you have the paperwork in your possesion, the car is legally yours (well, legally yours to register it in your name)
2007-07-13 19:25:30 · answer #3 · answered by christina.yost 3 · 1⤊ 0⤋
The DMV will allow you to simply transfer the title if he's just giving you the car. If he sells it to you instead, you will have to state the purchase price on their form and pay the sales tax on it there.
I believe that federal taxes apply for any gift you receive that's over $10000, and you will have to check the laws in your particular state to see what gift taxes they might also charge.
2007-07-13 19:39:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Well in North Carolina you have to pay property tax. If your state/province is the same and change the car to your name then yes. It would be best to call and ask the DMV (on the phone you don't have to use you name). Best of luck to you
2007-07-13 19:59:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It depends on the state's sales tax laws. You don't need an agent but you should have a written agreement if you're going to pay for it.
2007-07-13 19:21:27 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes, its a gift and would need to be claimed on federal and state taxes at the end of the year as a form of income.
2007-07-13 19:22:49 · answer #7 · answered by Anonymous · 0⤊ 1⤋
just pay the taxes and fill out the proper forms
2007-07-17 13:48:13 · answer #8 · answered by Dr. Answers 2 · 0⤊ 0⤋
anything over 500 dollars you have to pay taxes depending on state.
2007-07-13 19:23:31 · answer #9 · answered by Anonymous · 0⤊ 1⤋
no if he gave it to you its like a present so you dont pay for your own present right well
there you go
2007-07-13 19:22:47 · answer #10 · answered by armygo16 1 · 1⤊ 0⤋