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KPsquared
Member since 5/05 4663 total posts
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Car question - If someone gave me a car as a gift do I have to pay taxes?
Thanks!!!
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Posted 1/5/06 10:01 AM  |
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metsgirlie
How did you get blue eyes?
Member since 11/05 3763 total posts
Name:
LC's Mommy
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Re: Car question - If someone gave me a car as a gift do I have to pay taxes?
I don't have an answer for you but I remember my accounting teacher once telling us it is better for you if the seller sells the car for $1 opposed to a gift.
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| Posted 1/5/06 10:07 AM |
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sunny
Life is good!
Member since 5/05 8369 total posts
Name:
Stephanie
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Re: Car question - If someone gave me a car as a gift do I have to pay taxes?
Posted by metsgirlie
I don't have an answer for you but I remember my accounting teacher once telling us it is better for you if the seller sells the car for $1 opposed to a gift.
Right.
My grandmother gave me a car once and the dmv person told me to write I bought it for a dollar
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| Posted 1/5/06 10:08 AM |
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DebG
Pick a cause & stand up for it
Member since 5/05 18602 total posts
Name:
The cure IS worse!
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Re: Car question - If someone gave me a car as a gift do I have to pay taxes?
I htink you do. I only think this because I remember people telling me that when Oprah gave all those cars away!
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| Posted 1/5/06 10:08 AM |
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KPsquared
Member since 5/05 4663 total posts
Name:
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Re: Car question - If someone gave me a car as a gift do I have to pay taxes?
Oh right I remember that Oprah thing. I can't find anything on the DMV site. Thanks ladies! 
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| Posted 1/5/06 10:16 AM |
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metsgirlie
How did you get blue eyes?
Member since 11/05 3763 total posts
Name:
LC's Mommy
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Re: Car question - If someone gave me a car as a gift do I have to pay taxes?
Posted by sunny
Posted by metsgirlie
I don't have an answer for you but I remember my accounting teacher once telling us it is better for you if the seller sells the car for $1 opposed to a gift.
Right.
My grandmother gave me a car once and the dmv person told me to write I bought it for a dollar
I guess I did pay attention in accounting!
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| Posted 1/5/06 10:17 AM |
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oneday
<3
Member since 5/05 4319 total posts
Name:
Pam
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Re: Car question - If someone gave me a car as a gift do I have to pay taxes?
I think it depends. If it is a gift from a family member, I believe you don't have to pay any taxes on it - ie: mother, father, sibling - I'm not sure that it extends to grandparents or not - but in the forms we filled out when my dad "gave" us his car, it said if gift from family member, to fill out $0.00 - no tax due. I forget the form # but they gave it to DH when he went to the DMV.
I hope that is right anyway.
ETA - I think this was the form he filled out dtf802-01
Message edited 1/5/2006 10:49:58 AM.
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| Posted 1/5/06 10:46 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19453 total posts
Name:
L
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Re: Car question - If someone gave me a car as a gift do I have to pay taxes?
When my grandma gave me her old car I had to pay her a $1 so that we did not have to pay tax.
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| Posted 1/5/06 10:51 AM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Car question - If someone gave me a car as a gift do I have to pay taxes?
Yes, you technically do. That is why it's not necessarily so great to win those game show prizes of trips, appliances, etc.
Have them sell it to you for $1. You can get the form from the DMV webiste.
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| Posted 1/5/06 10:53 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: Car question - If someone gave me a car as a gift do I have to pay taxes?
You can no long sell the car for any price. NYS charges tax on the fair market value of the car, not the selling price if it is far below the FMV.
If someone gives you a car, no, you don't pay any type of gift tax. If the car is less then $11,000, the giftor is within the annual exclusion amount and won't have to pay taxes either.
You may be responsible for sales tax though.
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| Posted 1/5/06 10:57 AM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Car question - If someone gave me a car as a gift do I have to pay taxes?
never thought about using $1 dollor but we normally did a low abount like 500 bucks and they never seemed to care (i think we paid tax based off 500 bucks)
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| Posted 1/5/06 11:17 AM |
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KPsquared
Member since 5/05 4663 total posts
Name:
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Re: Car question - If someone gave me a car as a gift do I have to pay taxes?
Thank you so much and thank you for the form oneday. It says right on there if it is from a family member no tax.
I love LIF!
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| Posted 1/5/06 11:40 AM |
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trnity44
I hope you stay beautiful baby
Member since 5/05 8356 total posts
Name:
Liz
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Re: Car question - If someone gave me a car as a gift do I have to pay taxes?
Definately buy it for $1. My dad did that for me with my last car. And my car now, my in-laws did the same for me.
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| Posted 1/5/06 12:56 PM |
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