When Transferring the Title and Registration of a Used Car in California from one Family Member to another... is it better to list the car as being Received as a Gift or list it as being purchased for $1?
Would there be taxes owed after receiving a car as a gift?
Thank You!
2007-11-18 17:23:43 · 4 answers · asked by Darling Coco 1 in Cars & Transportation ➔ Buying & Selling
No taxes on transferring a car to immediate family member if the value of the car isn't over $7,500.
2007-11-18 17:29:29 · answer #1 · answered by Beau 6 · 0⤊ 0⤋
The transfer fee is only $5.00. You need to fill out the back of the title, record the mileage, and have it notarized. All this can be done at the Deputy register. Check it out first but you should put a sale price of $101.00. That way it is not a gift and you avoid higher taxes. The cost you pay doesn't effect your insurance. Go Bucks. 8>}
2016-05-24 03:50:30 · answer #2 · answered by ? 3 · 0⤊ 0⤋
There is no tax on a vehicle if it is given as a gift.
2007-11-18 19:30:05 · answer #3 · answered by Travis S 6 · 0⤊ 0⤋
ITS BEST IF YOU CONTACT YOUR LOCAL (DMV) DEPARTMENT OF MOTOR VEHICLES OFFICE, THEY WILL BE ABLE TO ANSWER ANY AND ALL OF YOUR QUESTIONS AND AT THE SAME TIME YOU WILL BE GETTING THE CORRECT ANSWER TO YOUR QUESTION.
ALSO DON'T FORGET ABOUT THE REQUIRED SMOG TEST THAT THE SELLER IS REQUIRED TO PAY FOR AS WELL.
2007-11-18 23:56:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋