Taxes when car is gift help
09-19-2007, 07:53 AM
#1
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Taxes when car is gift help
I recently got my 02 Acura TL from my sister because she was getting the new MDX so i got her car.
Now when i registered the car on the paper i put that it was a gift therefor i should not have to pay taxes on it.
Now i received a letter in the mail saying that i need to pay $989 for the taxes or fill out the back part saying it was a gift with a signature.
Why would i get this letter if i already stated it was a gift.
Thanks
Now when i registered the car on the paper i put that it was a gift therefor i should not have to pay taxes on it.
Now i received a letter in the mail saying that i need to pay $989 for the taxes or fill out the back part saying it was a gift with a signature.
Why would i get this letter if i already stated it was a gift.
Thanks
09-19-2007, 09:43 AM
#3
Because there is a form for everything in life- get used to it!
Fill it out and send it back
Fill it out and send it back
09-19-2007, 10:42 AM
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You still pay taxes on gifts like cars I believe. Just like winning a car on The Price is Right, Bob still makes you pay the sales tax! What you should have done was put down that you paid your sister $1.00 for the car. As a gift they make you pay the tax % on the vehicles worth.
09-19-2007, 10:47 AM
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Originally Posted by AirForceAC
You still pay taxes on gifts like cars I believe. Just like winning a car on The Price is Right, Bob still makes you pay the sales tax! What you should have done was put down that you paid your sister $1.00 for the car. As a gift they make you pay the tax % on the vehicles worth.
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09-19-2007, 12:36 PM
#8
No people its worse saying $1- many states have a rule that allows free gift between relatives with no tax at all
Poster says he ~stated to them when registering~...well--thats nice
BUT
a SIGNATURE on the Required FORM binds you legally to that statement, thats how they prevent fraud, once you commit it to paper and sign......
So just complete the paperwork and you are done
Poster says he ~stated to them when registering~...well--thats nice
BUT
a SIGNATURE on the Required FORM binds you legally to that statement, thats how they prevent fraud, once you commit it to paper and sign......
So just complete the paperwork and you are done
09-19-2007, 12:40 PM
#9
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Originally Posted by 01tl4tl
No people its worse saying $1- many states have a rule that allows free gift between relatives with no tax at all
Poster says he ~stated to them when registering~...well--thats nice
BUT
a SIGNATURE on the Required FORM binds you legally to that statement, thats how they prevent fraud, once you commit it to paper and sign......
So just complete the paperwork and you are done
Poster says he ~stated to them when registering~...well--thats nice
BUT
a SIGNATURE on the Required FORM binds you legally to that statement, thats how they prevent fraud, once you commit it to paper and sign......
So just complete the paperwork and you are done
09-19-2007, 02:59 PM
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The funny thing is when i got to work today one of my friends had the same letter with him he received yesterday as well.
His dad gave him the car.
Also it says on the NJ DMV site that u do not pay tax for a car that is a gift.
I thought it was just me but it must be standard procedure that the seller has to fill out.
Thanks
His dad gave him the car.
Also it says on the NJ DMV site that u do not pay tax for a car that is a gift.
I thought it was just me but it must be standard procedure that the seller has to fill out.
Thanks
09-19-2007, 03:24 PM
#11
Originally Posted by 01tl4tl
No people its worse saying $1- many states have a rule that allows free gift between relatives with no tax at all
Poster says he ~stated to them when registering~...well--thats nice
BUT
a SIGNATURE on the Required FORM binds you legally to that statement, thats how they prevent fraud, once you commit it to paper and sign......
So just complete the paperwork and you are done
Poster says he ~stated to them when registering~...well--thats nice
BUT
a SIGNATURE on the Required FORM binds you legally to that statement, thats how they prevent fraud, once you commit it to paper and sign......
So just complete the paperwork and you are done
Agree.
09-19-2007, 04:35 PM
#12
as they said... just follow what they said and sign the paper... i don't know how it is in different states but i also did a transfer of title as a gift... was registered in my brother's name and we didn't have a pink slip as it still had a lein holder... paid that off and have the brown paper... it was a bill of sale i think and still have to sign another 1 or 3 more papers for the gift transfer... that was here in cali...
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