Heir/Survivor has to pay sales tax on a vehicle transfer? really?
#1
Heir/Survivor has to pay sales tax on a vehicle transfer? really?
My mom was declared legally blind over ten years ago.
My step father passed away in 06.
Mom moved in with us.
We consolidated assets and purchased a new vehicle to help ferry her around.
In order to register and insure the vehicle, a licensed individual must be a co-owner ... me.
We attached survivorship to the title meaning that when one of the two owners passes away, the other has legal ownership.
My mom passed away last month.
In researching the process and forms, it appears I will have to pay the 6.25% sales tax on the presumptive value.
Really? An heir or survivor has to pay sales tax again? Really?
Anyone have any insight on this? Am I reading the statute correctly?
My step father passed away in 06.
Mom moved in with us.
We consolidated assets and purchased a new vehicle to help ferry her around.
In order to register and insure the vehicle, a licensed individual must be a co-owner ... me.
We attached survivorship to the title meaning that when one of the two owners passes away, the other has legal ownership.
My mom passed away last month.
In researching the process and forms, it appears I will have to pay the 6.25% sales tax on the presumptive value.
Really? An heir or survivor has to pay sales tax again? Really?
Anyone have any insight on this? Am I reading the statute correctly?
#4
Thank you ... I appreciate it.
Good question.
There will come a day when I will want to sell it. I was wanting to avoid massive hassles then. Looks like it might be unavoidable.
When that time comes, maybe all I need is an Affidavit of Heirship and her Death Certificate.
Good question.
There will come a day when I will want to sell it. I was wanting to avoid massive hassles then. Looks like it might be unavoidable.
When that time comes, maybe all I need is an Affidavit of Heirship and her Death Certificate.
#5
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Yes you have to pay taxes on anything you inherit. People used to be able to go in and say they paid $1 for it but then the counties changed it to be the value of the car according to what ever source they use. Depending on the car when you go to change the title you might be able to haggle them down on the value of the and that would lower your taxes you have to pay.
#7
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death certificate
the forms you need are an original copy of the death certificate and affidavit of heirship. Im thinking you can take these into the tag office and just pay title transfer/no tax. sry to hear about you mom.
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#8
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If your names already listed as a registered owner to that vehicle, all you should have to pay is a tittle transfer, my 1st truck had me listed as a co owner untill I paied my dad back for the half he funded, and I only had to pay tittle transfer fees, keep in mind that was some 12yrs ago though..
Also sorry for your loss
Also sorry for your loss
#11
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there is a 'gift tax' on cars, which is a flat fee of $10
http://www.txdmv.gov/vehicles/titles/faq.htm
there are two items of interest on this FAQ, gifts, and 'deceased spouse'. i know its not your spouse, but the form is for heirship, which might fit your scenario.
http://www.txdmv.gov/vehicles/titles/faq.htm
there are two items of interest on this FAQ, gifts, and 'deceased spouse'. i know its not your spouse, but the form is for heirship, which might fit your scenario.
#12
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http://www.txdmv.gov/vehicles/titles...tive_value.htm this is what we use in our office to determine spv on vehicles and the same site the tax assesor uses
#13
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I am going thru the same process, wifes biological father passed away, we picked up his truck and title last week. I sent the title and death certificate to my lawyer, they are doing the title work. I think there is going to be a fee, but have not been told we will have to pay any taxes.