I want to give my 2005 camery milage 68000 to my stepson will there be any tax due?

9 Answers

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  • don r
    Lv 7
    6 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.

  • zipper
    Lv 6
    6 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!

  • 6 months ago

    Most States allow you to sell your vehicle to an immediate family member for One dollar. Call your local DMV for advice.

  • 6 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.

    • Trump 2020
      Lv 7
      6 months agoReport

      Ca allows no (tax) cost transfers between family members. Renewal and transfer fees still apply.

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  • Jay P
    Lv 7
    6 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.

  • 6 months ago

    Not if you live in California.

  • JetDoc
    Lv 7
    6 months ago

    Maybe you should ask the local DMV in the city, state or country where the car will be registered.

  • martin
    Lv 7
    6 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.
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