My dad is handing down his truck to me. When i register it is it better to say i paid a certain price for the vehicle or to say it was a gift? remember im trying to save money.
2007-07-31 04:25:57 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
If you say you paid a certain price for it they will collect taxes on that price as well as the registration fees and require a smog. Take the title to DMV and ask for a Statement of Facts, there is a part on there stating the unit is passing between family members. They will ask for a value on the vehicle to base the renewal fees on, just come in really low on that value and the fees will be minimal. Since the unit is between family members, no tax or smog will be required.
2007-07-31 06:06:34 · answer #1 · answered by worldthatwas 3 · 0⤊ 0⤋
Depending on the laws of your state, receiving the car as gift would be ideal. But in some cases the state will asses taxes on the approximate value of the car. If that is the case in your state, on the title for the price paid, put one dollar. Call the BMV, find out if your charged for the approximate value on taxes, or if the"gift", is free and clear.
2007-07-31 12:19:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Claim it as a gift. Most States allow the transfer of a vehicle, within the immediate family, without having to pay taxes. This will save you money.
2007-07-31 11:31:17 · answer #3 · answered by sensible_man 7 · 1⤊ 1⤋
In CA you would transfer as a GIFT. No tax and no smog required from father to child.
2007-07-31 11:33:09 · answer #4 · answered by mybuttstinks2001 5 · 1⤊ 0⤋
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2007-07-31 12:46:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
sensible man is absolutely correct
2007-07-31 11:33:19 · answer #6 · answered by makelly1979 3 · 0⤊ 0⤋