I want to give my 2005 camery milage 68000 to my stepson will there be any tax due?
- don rLv 76 months ago
In California you can transfer title to a family member and it doesn't cost anything. Subsequent registration will be charged as always though. It is not taxable as income in any way.
- zipperLv 66 months ago
There could be income tax on it or gift tax. Loan him a dollar then sell him the car for one dollar. He will need pay the sales tax on the dollar sale. That all depends on what state you reside in. And it is legal to do too!
- thebax2006Lv 76 months ago
Most States allow you to sell your vehicle to an immediate family member for One dollar. Call your local DMV for advice.
- regeruggedLv 76 months ago
In my state, PA, you would have to pay tax on the value of the vehicle. I tried it when selling my car to my cousin for a "nominal" amount.
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- Jay PLv 76 months ago
Depends on the laws where you live.
Where I live, a vehicle can be gifted to immediate family members. The seller would have to sign a legal form stating that the vehicle is a gift, not sold.
- Trump 2020Lv 76 months ago
Not if you live in California.
- JetDocLv 76 months ago
Maybe you should ask the local DMV in the city, state or country where the car will be registered.
- martinLv 76 months ago
Fairly sure that gifting now is tax free to both the giver and receiver.
- 6 months ago
not sure how it works in your state but in mine you can go to the town hall with your son and "gift" the car to him and they will not charge you for tax..Source(s): Boyfriend was recently gifted a truck.