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re: Gifting a car or selling it for cheap???
Posted on 3/14/24 at 9:12 am to Chad504boy
Posted on 3/14/24 at 9:12 am to Chad504boy
So what is the difference, tax wise, on a gifted vehicle vs. one that has a bill of sale for anything less than the value of the vehicle?
Posted on 3/14/24 at 9:16 am to AllsGroovn
What is the estimated value of the vehicle? Should be able to drop the info into kbb and get a reasonable number.
Also, what is the "minimum amount" the family member is willing to sell for?
Also, what is the "minimum amount" the family member is willing to sell for?
This post was edited on 3/14/24 at 9:17 am
Posted on 3/14/24 at 9:24 am to AllsGroovn
quote:
So what is the difference, tax wise, on a gifted vehicle vs. one that has a bill of sale for anything less than the value of the vehicle?
i mean if we're dealing with a 10k private party value vehicle... if you tell the auto title transfer place you sold it for 8k, it won't raise any hairs. you pay taxes on 8k. if you tell the dmv you sold it for $1000, it begins to look pretty sus. You're essentially still gifting 9k in that scenario.
auto title people don't need to see proof of money purchase.
This post was edited on 3/14/24 at 9:26 am
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