BizZzatch350

iTrader: (33)

My dad holds the title to my Trans Am, what all is involved in transferring the title as a gift? Looking to have it under my name.

quickblade

nothing is involved..
you can give a vehicle as a gift no problem..
I dont remember what to put on the title when you go down to have the title transfer.
but this can be done, and there is not much to it...

Well there wasnt when I did mine about 3 years ago...
Usually when I do cars within the family, it does not matter if I sold it to them or not, we usually do gift because of tax reasons...

dirty_z

iTrader: (9)

not positive but i dont know if you can do a gift tax any more, because now you pay tax on whatever they value the car as.. example people would always put they bought the car for like 1000 and pay almost nothing and the other day i bought an 02 z28 and taxes were almost 600 bucks!

Powerhouse

iTrader: (4)

Get a notarized letter stating you payed nothing for the car.

steveo346

iTrader: (18)

all u need in tx, is the bill of sale to say gift...and a copy of ur dads dl...nuff said

khaos288

iTrader: (9)

nope, laws changed, you can't get out of any taxes on a car

it'll cost ya 6.25% of the standard presumptive value
and you'll need a title transfer form and what not

i believe

SStriker

iTrader: (3)

Yup they want there money.
Can't get around it that easy anymore...
I bealive they have another book like the KBB that has a different value and that's what they go by...There may be another way around it though.

red281gt

iTrader: (6)

I went to get mine out and my car was under my brother in laws name . my older bro went to the coart and said it was a gift I believe they only charge from like 10-20 bucksfor tittle change plus like 60 for the plates ...

98silvertacrbn

iTrader: (106)

I belive that you can still change it as a gift as long as it's family member to family member with just gift tax not 6.25% tax

onebad03

iTrader: (13)

i just had my wifes car transferred out of her grandfathers name to mine and all it cost was to re-register it.

thesource

iTrader: (60)

Fill out form 130-U and check "gift" . Its a $10.00 tax for it pls the title transfer fees and registration if they are expired .

All you need is proof of insurance in your name ....... nothing else

-Joseph-

iTrader: (12)

I registered a truck given to me by my dad in October and there was nothing other than the $10 tax and the registration fee's. I would have driven it with no tags if I had to pay anything else.

sway99bird

iTrader: (22)

Just say you bought it for a couple hundred bucks that it has a blown engine that's what I used to do

sleepersilverado

iTrader: (1)

not to hijack the thread but does any one know what they use to value your vehicle? How can I see what they value a truck I am looking at?

Texfinn

iTrader: (39)

Go here and enter the VIN and miles and you'll get a value.

Note: I said a value. It's not necessarily the same they will pull up at the tax office when you go register it. That's what happened to me last year when I went to register a 99 TA I bought. The SPV was actually lower than what the page told a few days earlier.

-Joseph-

iTrader: (12)

http://www.dot.state.tx.us/drivers_v...tive_value.htm

Put the VIN and mileage, then I believe you pay the tax rate on 85% of the value, no matter if you paid $100 or the "presumptive value", but if you paid more for the truck than their "value" you have to pay taxes on the actual purchase price. The gifting bypasses that if you are given a vehicle; you pay the $10 gift tax instead.


Edit: Texfinn beat me to it.

daniel6718

iTrader: (36)

i didnt read anything above but ive done it several times on as recent as a month ago...you fill out a form you and the previous owner sign it...you check off the 10 dollar gift tax and you pay 10 bux to transfer it...then registration if need be...

kdavis

iTrader: (14)

i just registered my trans am in my name. it came out to almost $90, i did the gift tax thing

01 BERGER CAMARO SS

iTrader: (77)

i paid 90 to get my 10th under my name when i bought it(title, plats, and etc.). seller was a friend of mine

BLACKND

iTrader: (5)

I just did this a few months ago. Its very easy. You don't need a bill of sale. If your dad is willing just get him to sign the title in the area designated, and check the gift box. 10 dollar gift tax and registration fees. You will need your proof of insuarance and drivers license.