Reply With QuoteIf a person sells a car worth $50,000.00 for $1.00 does the purchaser pay taxes on the $1.00 or do they pay taxes on the taxable value of the vehicle?
On the dollar but the dmv may question the price:jawdrop:
If a person sells a car worth $50,000.00 for $1.00 does the purchaser pay taxes on the $1.00 or do they pay taxes on the taxable value of the vehicle?
If a person sells a car worth $50,000.00 for $1.00 does the purchaser pay taxes on the $1.00 or do they pay taxes on the taxable value of the vehicle?
On the dollar but the dmv may question the price:jawdrop:
On the dollar but the dmv may question the price:jawdrop:
Ya I have heard of them getting smart on some of these deals. May be better offer putting a little higher price on it to lessen the risk of them flagging it.
I think if it is a family member- all good.
If not, don't get yourself in trouble. Deflate it a little bit, but don't get too excited about all that.
Brian
I think if it is a family member- all good.
If not, don't get yourself in trouble. Deflate it a little bit, but don't get too excited about all that.
Brian
And if it is a family member do not put it for free. I'm pretty sure the DMV can put an estimated value on it and tax you but thats just what I've heard. Don't hold me to it.
I sold my van to a friend of mine for $2300.00. As far as the DMV was concerned it had to be no less then $13.00 for tax reasons. I did say $1.00 but $13.00 was the minimum. That is what I would ask the DMV, what is the mimimum sale price of a vehilcle.
As part of a business deal I am buying the car for $1.00
Customer is getting price X for merchandise and in exchange I get his car for $1.00. Maybe I'll be nice and give him $13.00 for tax purposes
On the dollar but the dmv may question the price:jawdrop:
It could go in to suspense and they will send the paper work up to Sacramento and you will have to wait quite a while to get the new paper work if you do get it.
It varies by state. Some states use a tax table so it doesn't matter what you paid... Some don't, but $13.00 might raise a pretty big flag where ever you go......
Steve
anything under 1 grand they do have you pay sales tax on... thats why all my cars are sold for like $950
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