Giving car as a gift

TongMan · 01-27-2011, 03:45 AM

I have a 2006 Scion tC. I am going to give it as a gift to my brother. Is it best to sell it to him for $1 to avoid taxes and counting it as income? Or just signing over the DMV gift form?

ducky · 01-27-2011, 04:10 AM

does not matter..private party sale does not need to pay tax..not sure about ca though..

crash1369 · 01-27-2011, 07:06 AM

yup, depends on where you live. But with a car that new their gonna want to know whats wrong with it that you would be selling it so cheaply. Or they might have a gifting procedure, obviously that would be the legal way if they do but I don't know how they tax on that. (Probably charge you the taxes for the value of the car I would guess)

PapoZalsa · 01-27-2011, 09:35 AM

Some places will still charge you sale taxes base on the BB at the DMV like the Republic of Virginia.

TongMan · 01-27-2011, 09:41 AM

That would suck 2x if they charge me tax again. I already paid taxes when I bought the car brand new.

01-27-2011, 03:45 AM	#1 (permalink)
TongMan A True Z Fanatic Join Date: Feb 2010 Location: NorCal Posts: 1,297 Drives: 2013 Nissan GTR Rep Power: 715	Giving car as a gift I have a 2006 Scion tC. I am going to give it as a gift to my brother. Is it best to sell it to him for $1 to avoid taxes and counting it as income? Or just signing over the DMV gift form?

01-27-2011, 07:06 AM	#3 (permalink)
crash1369 Enthusiast Member Join Date: Nov 2010 Location: Tobyharlem Age: 42 Posts: 474 Drives: C300 - 6spd Rep Power: 729	yup, depends on where you live. But with a car that new their gonna want to know whats wrong with it that you would be selling it so cheaply. Or they might have a gifting procedure, obviously that would be the legal way if they do but I don't know how they tax on that. (Probably charge you the taxes for the value of the car I would guess) __________________ "At no point during your rambling, incoherent response did you ever come close to anything that could be considered a rational thought. We are all now dumber for having listened to it. I award you no points, and may god have mercy on your soul."

01-27-2011, 09:35 AM	#4 (permalink)
PapoZalsa A True Z Fanatic Join Date: Nov 2009 Location: Not in Sunny Florida Posts: 6,358 Drives: 16 Nismo w/Tech Pack Rep Power: 4500	Some places will still charge you sale taxes base on the BB at the DMV like the Republic of Virginia. __________________ 2009 370Z MB Base w/Sport Package 6MT Modshack's Custom Air Intakes /3M Clear Bra/ Illuminated Kick Plates / F. I CBE w/12" resonators / EVO-R Front Lip / Rear Hatch Wing / Tein S-Tech Springs /Ilegal Tint in the Rep. of VA/4x20mm Z1 Spacers/ Vinyl Roof/Liquid Carbon Designs

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01-27-2011, 04:10 AM	#2 (permalink)
ducky Enthusiast Member Join Date: Aug 2009 Location: SinCity Posts: 437 Drives: 370z and s2000 Rep Power: 16	does not matter..private party sale does not need to pay tax..not sure about ca though..

01-27-2011, 09:41 AM	#5 (permalink)
TongMan A True Z Fanatic Join Date: Feb 2010 Location: NorCal Posts: 1,297 Drives: 2013 Nissan GTR Rep Power: 715	That would suck 2x if they charge me tax again. I already paid taxes when I bought the car brand new.