Got a free truck. How to register it?

[BLACK6PACK]

Ok, the parental units gave me a '95 GMC Sonoma with the 4.3 motor in it. I have the title with their signatures on the back. If I say I paid $500 for it, I pay taxes on the $500, if I tell the people at the liscense branch that the parents gave it to me, do they try to tax you on current retail value? Not sure how that works.

 

[mr_nate]

If family is giving it to you, I don't think you have to pay any taxes at all, as long as they are immediate family.

 

[DailyDrifter]

If family is giving it to you, I don't think you have to pay any taxes at all, as long as they are immediate family.

+1 thats what I heard

 

[MY T FAST]

i bought an s10 this summer and according to the title i paid $50 for it. (wink) so tax was like $3.50 or something miniscule. safe way to play it if you're not sure.

 

[Phatman]

+2

If you submit a stated purchase price that seems too low, the state will send out a letter to your parents or seller to complete stating that the price you gave is correct.

 

[mhogan6]

$10 Gift Tax in Texas

Here in Texas, the 6.25% sales tax is base on the DMV's value of the vehicle determined from their chart. Last year, I registered a 1993 Ford Tempo as having a sales price of $100. DMV still charged me around $80 sales tax. The lady at DMV said the best thing is to have the seller mark the form for "$10 Gift Tax". No questions if that is checked off on the form. Hope you have that option in your state.

 

[MY T FAST]

as long as the buyer and seller agree to the price on the title, there will be no issues. in ohio anyway.

 

[F8L WS6]

In NJ you just write down "Gift" and you don't have to pay any sales taxes.

 

[no-nos]

i just went thru this, go to this web site Official Website Florida Department of Highway Safety and Motor Vehicles and print out the notice of sale. put down the info and were it says selling price , just put gift. i had mine notrized just in case. and this was for an 05 navigator. i think the form helps, without it they might place a value on the car and then tax you, it happened to me once. hope this helps

hogan , not an option in florida.