What is needed-Title transfer
What is needed-Title transfer My dad gave is giving me his 1999 Z28, actually already at my place,b ut we are wanting to complete the transfer, into my name so I can register it and insure it in my name. Just wondering what all is needed to do so for just like a gift or title transfer. He didn't sell it to me, he just needed it gone as he didn't drive it anymore and I've wanted it for a while now.
TECH Fanatic
Joined: Nov 2001
Posts: 1,877
Likes: 0
From: Houston
I allways get cars as a gift
I like to give cash gifts to people who give me gifts too
Thanks, thats the info I was looking for. Gift Tax. A few years ago I gave my dad my 01 dodge ram as a gift, but couldn't remember how we did it, or if they even still allowed that, so now he's returning the favor to me. LOL.
Thanks guys.
Thanks guys.
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Ya, you still have to pay the standard presumptive value of the car, even if it's not what you paid for it. And you have to have proof of insurance.
http://www.dot.state.tx.us/services/...cle_titles.htm
http://www.dot.state.tx.us/services/...cle_titles.htm
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Teching In
Joined: Sep 2006
Posts: 22
Likes: 0
From: Spring, TX
They are right you have to pay taxes on the "value" of the car now.
They wanted me to pay taxes on a car value of $3000 dollars for a 1994 v6 roller that I purchased a year ago... no interior... no engine... no transmission.. rust in a few places... 168k miles... yep thats worth $3000.
They wanted me to pay taxes on a car value of $3000 dollars for a 1994 v6 roller that I purchased a year ago... no interior... no engine... no transmission.. rust in a few places... 168k miles... yep thats worth $3000.
Staging Lane
Joined: Mar 2008
Posts: 51
Likes: 0
From: Clear Lake Area, Texas
I just went through this 2 weeks ago with my new motorcycle... On the form there is a sopt to check for it being a gift. All I had to pay was the 10 buck gift tax pluss the 33 buck title transfer fee... Proof of Insurance and it was done... 43 bucks out the door...
The tax deal did just change recently but the gift loophole is still there. there is a $10 tax on gifts.
Q: What steps should I follow to give a vehicle as a gift to a friend or relative?
A:
Please give the recipient your (signed) negotiable title and request that the recipient complete a title application [pdf, 2 pages, 157kb], which must be provided to their county tax office.
On the title application, the recipient should check the "$10 Gift Tax" box found in Section 21. The recipient will have to provide proof of auto insurance at the county tax office to register the vehicle.
A:
Please give the recipient your (signed) negotiable title and request that the recipient complete a title application [pdf, 2 pages, 157kb], which must be provided to their county tax office.
On the title application, the recipient should check the "$10 Gift Tax" box found in Section 21. The recipient will have to provide proof of auto insurance at the county tax office to register the vehicle.
What has changed is the taxes for people that buy cars. You used to pay taxes on teh purchase price of the car. you could say you bought it for $1 and you would pay taxes on $1.
If you buy a car for $1 today you have to pay taxes on the "value" (similar to blue book value) of the car.
you can avoid this by having the person give it to you as a gift. and then you can give them a cash gift since you are such a nice person. or you could have the car appraised at a very low value and you can pay the taxes on that.
Last edited by aggiez28; May 28, 2008 at 01:11 PM.
I just did the gift tax too, at first they said it was going to be near $600 in taxes. All I did was take the form that you can either get at the tag place or print one from online, take it to the previous owner and have them sign it and check the gift box.
Cost me $38 to do the title only. This was in March.
Cost me $38 to do the title only. This was in March.
Staging Lane
Joined: Dec 2007
Posts: 92
Likes: 0
From: odessa, tx
what if the car does not run you still have to insurance on it ??? i got a 83 ford i need to switch the title on its 25 years old this year so ha no taxes but it does not even run its a project.
INCORRECT
The tax deal did just change recently but the gift loophole is still there. there is a $10 tax on gifts.
http://www.dot.state.tx.us/frequentl...stions/vtr.htm
What has changed is the taxes for people that buy cars. You used to pay taxes on teh purchase price of the car. you could say you bought it for $1 and you would pay taxes on $1.
If you buy a car for $1 today you have to pay taxes on the "value" (similar to blue book value) of the car.
you can avoid this by having the person give it to you as a gift. and then you can give them a cash gift since you are such a nice person. or you could have the car appraised at a very low value and you can pay the taxes on that.
The tax deal did just change recently but the gift loophole is still there. there is a $10 tax on gifts.
http://www.dot.state.tx.us/frequentl...stions/vtr.htm
What has changed is the taxes for people that buy cars. You used to pay taxes on teh purchase price of the car. you could say you bought it for $1 and you would pay taxes on $1.
If you buy a car for $1 today you have to pay taxes on the "value" (similar to blue book value) of the car.
you can avoid this by having the person give it to you as a gift. and then you can give them a cash gift since you are such a nice person. or you could have the car appraised at a very low value and you can pay the taxes on that.
I got in here and asked, got the form number, went to a different office and asked for the form, had the previous owner sign the form.
Then about 3 days later took it back to the place that I told I traded it, now it was a gift, I was surprised but they didn't say anything at all.
No, I told them it has no engine (which was true) and I just wanted to get the title in my name. Thats why I paid only $38, gift tax plus title transfer. They want to put the tag number on the title, in a case like this they put titled only.