rustytank

I'm in NYC and my sister wants to give me her car a 2008 Lexus ES350.
Would i have to pay taxes on that? I tried googling it but im getting mixed opinions...
Some say put $1 as selling price because i will have to pay taxes and some say i won't be taxed in NYC if its a gift from a family member below $11,000. And then there is, if i put $1 and if the vehicle is under fair market value, dmv would decide the fair value and tax the correct amount.

Not sure what to believe and I couldn't find any info on dmv site.
Any insights would be appreciated. Thanks.

Skier8

Generally, yes, but it depends on where you register the car. Most states use NADA for a minimum value when calculating tax if the purchase price is listed as "free" or some nominal amount, like $1.

TTurboPimp

iTrader: (12)

In maryland you dont if its direct family

greg3852

In Ma there is a gift form where family can gift the vehicle to another family member without having to pay the tax