Transfer car title into my name while avoiding sales tax and registration?
Transfer car title into my name while avoiding sales tax and registration? - 1
Added (1). I just bought a 2013 Ford Mustang for $11,000 from New York and had it shipped to California where I live. My buddy is all over it and offered me $14k for it. He doesn't know that I got a good deal on it. I told him I don't know with a poker face. But anyway, I'm definitely willing to selling it but have a serious question in mind. Do I have to transfer the title to my name to sell it? And if yes, do I have to register and pay taxes for $11,000 to get a title in my name? Route for max profit?
You won't have to register (get plates) if you don't want, but you WILL have to declare what you paid, and pay sales tax on that. I transferred several titles where I stated I paid $1. If you get the vehicle from a close relative, you don't have to pay sales tax.
Can't avoid registration fee if you want the registration in your name. Tax you can avoid if the car is gifted to you will need to fill out paper work from the DMV for that
I have done that in the past in Georgia. Not sure if you can still do that now since the taxes are a sales tax and no longer ad valorem.
You could transfer a title without registering the vehicle, and the ad valorem was attached the registration. I believe that now the taxes are attached to the title transfer. Even a car given away is subject to sales tax!
To legally sell the automobile you will first have to transfer title into your name. If you do not you would be guilty of "jumping title" which is a criminal offense. If your buddy was dumb enough to give you cash for a vehicle that is not in your name he would never be able to transfer title himself. So yes, you will have to pay taxes and title transfer fees if you wish to make this a legal and legitimate sale.
Depends. If your name is on any of the paperwork you received, you WILL have to register it in your name, pay tax, get a smog cert and pay all fees before selling it to your bud. Then, he will have to pay tax again, and get another smog cert, unless the sale takes place within 30 days, plus pay the transfer fee when HE buys it.
You can't erase or change anything already written on any of the paperwork. (California rules)
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