Do i have to pay taxes on car as a gift?
#1
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Do i have to pay taxes on car as a gift?
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.
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.
#2
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Join Date: Jun 2014
Location: VT
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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.
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lexi4darin
CL of Southern California
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05-23-06 10:55 AM