vehicle trade ?
vehicle trade ? if i am trading my vehicle for another one straight up and even. does dps charge me any tax on it? or should i just say that i bought it from him for $1?
i already have a bill of sale ready and the title transfer papers, is there anything else that I would need?
i already have a bill of sale ready and the title transfer papers, is there anything else that I would need?
But if you trade it for another car it's a lot less from what I'm told.
Call your local DMV and find out.
You should be able to gift it to him and he does the same for you, since you are not purchasing the vehicle. There is a flat $50 fee I believe, but might wanna check with your local county tax office/title office to make sure. We did this with my wife's burb about 4 years ago when my parents gave it to us.
WOW - They are getting very **** about this tax crap on the used vehicles. If you think about it the state is double dipping on taxes for vehicles as a full price tax was paid on that car already at one time. I think it's pretty stupid and I'm suprised it hasn't been tested yet in the state courts by someone.
There is a part on the application you check for an even trade and you will not be taxed. You have to provide the vin number of the car you traded.
The gift only works for immediate family.
Value only goes by blue book now. If you paid $500.00 for a car and it books for 5k, you are going to pay takes on 5k
The gift only works for immediate family.
Value only goes by blue book now. If you paid $500.00 for a car and it books for 5k, you are going to pay takes on 5k
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is the same for ATVs??? cause my buddy gifted my Can Am to me after I bought it and it was only like $50 to register it in my name....
or are ATVs and Vehicles on a different playing field in the DMV office?
or are ATVs and Vehicles on a different playing field in the DMV office?
So back to the taxation of money you really didn't spend...........isn't that illegal. I ran into this problem not too long ago. They wanted to tax on a price 1500 more than I spent on the car......rediculous. I know it not considered taxation without representation but how can they legaly tax you on money not spent.
Its kind of like properties. You pay taxes on the appraisal of your house not the actual price unless you contest it. Just really chaps my hide
Its kind of like properties. You pay taxes on the appraisal of your house not the actual price unless you contest it. Just really chaps my hide
I do agree something needs to be done, they are making more emoney now doing it the way they are so I really doubt it will change.
Say you even traded it for the S-10 and call it a day.
Like stated in another post. It is easier for both of you to go in and have the titles ready in hand for trading. It should only cost you the title transfer fee and then registration if needed.
