transferring car ownership as a gift...

[Anghang]

anyone ever done it?...i think i have all the necessary forms...i've got texas license plates, and am transferring the car to my mom here in NY...so from my understanding:

1. after the transfer, the car will have to be registered in NY
2. i'll have to turn in my texas license plates...(yes / no)?
3. the car will have to pass NY state inspection

for those that have done this...am i missing anything?

TIA

 

[DougK62]

You are a good son.

 

[NutBucket]

Don't. I know in Cali you pay up the arse in tax on a transfer like that. Just "sell" it to her cheap. Then you'll pay minimal fees. YMMV state to state.

 

[shenaniganz]

Originally posted by: NutBucket
Don't. I know in Cali you pay up the arse in tax on a transfer like that. Just "sell" it to her cheap. Then you'll pay minimal fees. YMMV state to state.

Yup, I know someone who did this. His father sold him his truck for $1.

 

[NutBucket]

Originally posted by: shenaniganz

Originally posted by: NutBucket
Don't. I know in Cali you pay up the arse in tax on a transfer like that. Just "sell" it to her cheap. Then you'll pay minimal fees. YMMV state to state.

Yup, I know someone who did this. His father sold him his truck for $1.

Well, at some point its absurd. I think we did mine for less then $1000, the one in the sig minus all the mods. Cost $51 in fees.

 

[nife4]

Well here in El Paso (TX) i got my car as a gift and only paid $10 for the actual taxes, you still have to pay the rest of the registration stuff... but if you sell it... you pay a lot more....

 

[LuckyTaxi]

Originally posted by: DougK62
You are a good son.

nah ... just getting rid of a piece of junker

 

[kenshorin]

Here in Mass they tax based on the book value of the car and not what was "paid" for it to screw ya.

 

[DaveSimmons]

For federal taxes, you're safe with a gift up to $11,000 book value, above that it has to be reported on mom's tax return but it will still be tax-free because of the lifetime gift/estate exemption which is $1 million.

Selling for $1 is still a gift of (market value - $1) in the eyes of the IRS and probably the state as well.

 

[Anghang]

Originally posted by: lilcam

Originally posted by: DougK62
You are a good son.

nah ... just getting rid of a piece of junker

junker?...hellno!...hehe...2001 Nissan Xterra ...

thanx for all the responses, been a great help...

 

[Zenmervolt]

Originally posted by: NutBucket

Originally posted by: shenaniganz

Originally posted by: NutBucket
Don't. I know in Cali you pay up the arse in tax on a transfer like that. Just "sell" it to her cheap. Then you'll pay minimal fees. YMMV state to state.

Yup, I know someone who did this. His father sold him his truck for $1.

Well, at some point its absurd. I think we did mine for less then $1000, the one in the sig minus all the mods. Cost $51 in fees.

My grandfather gave me his Lincoln as a gift just before he passed away to avoid the inheritance tax. Wrote "gift" on the title for the amount paid, paid $0 in taxes, and paid the normal $5 or so deputy fee for title transfer and that was it. Plate fees were the normal ~$35. This was in Ohio.

ZV

 

[rh71]

i'm about to do this.. except my fiancee and I live in the same house (doing this to save on insurance cost - multi-cars cheaper than separate combined cost). I wasn't aware there was a tax on a gift. Anyone know what they tax on in NY ?

 

[TheToOTaLL]

Originally posted by: Zenmervolt

My grandfather gave me his Lincoln as a gift just before he passed away to avoid the inheritance tax. Wrote "gift" on the title for the amount paid, paid $0 in taxes, and paid the normal $5 or so deputy fee for title transfer and that was it. Plate fees were the normal ~$35. This was in Ohio.

Sounds pretty similar here in Tennessee. My parents bought a new car, and my dad gave me their old one. Since it was family, there was $0 tax involved. All we had to do is both go down to the DMV and sign a form stating the family transfer of ownership, then pay the registration fees. Received the new title in my name in the mail a week or so later.