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| Vehicle Registration (913336) | |
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| (913339) | |
Re: Vehicle Registration |
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Posted by Elkeeper on Sun Feb 26 21:46:39 2012, in response to Vehicle Registration, posted by South Brooklyn Railway on Sun Feb 26 21:40:31 2012. How old is the car and how valuable is it? If you try to sneak through a $15,000 used car for $1,000, it might cause problems for you. |
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| (913344) | |
Re: Vehicle Registration |
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Posted by bingbong on Sun Feb 26 22:00:20 2012, in response to Vehicle Registration, posted by South Brooklyn Railway on Sun Feb 26 21:40:31 2012. NY?20ish years ago my Dad gave me a car. I paid no sales tax on it when I registered it. However, the rules may have changed. Check the DMV website, or have a minimum sale receipt with you just in case (I think it's $100 now). |
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| (913351) | |
Re: Vehicle Registration |
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Posted by Fred G on Sun Feb 26 22:09:19 2012, in response to Vehicle Registration, posted by South Brooklyn Railway on Sun Feb 26 21:40:31 2012. Have the owner put $1 on the bill of sale.your pal, Fred |
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| (913365) | |
Re: Vehicle Registration |
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Posted by RockParkMan on Sun Feb 26 23:07:04 2012, in response to Vehicle Registration, posted by South Brooklyn Railway on Sun Feb 26 21:40:31 2012. If your parents are giving you the car, it's exempt, I believe. |
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| (913368) | |
Re: Vehicle Registration |
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Posted by South Brooklyn Railway on Sun Feb 26 23:25:22 2012, in response to Re: Vehicle Registration, posted by RockParkMan on Sun Feb 26 23:07:04 2012. It's a 2001 Oldsmobile Aurora 4.0 givin to me by a friend. So should I put gift on the title? |
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| (913370) | |
Re: Vehicle Registration |
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Posted by monorail on Sun Feb 26 23:38:37 2012, in response to Re: Vehicle Registration, posted by Elkeeper on Sun Feb 26 21:46:39 2012. shouldn't have told him..... |
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| (913371) | |
Re: Vehicle Registration |
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Posted by monorail on Sun Feb 26 23:39:25 2012, in response to Re: Vehicle Registration, posted by South Brooklyn Railway on Sun Feb 26 23:25:22 2012. nah!Mark it 'stolen'.... |
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| (913390) | |
Re: Vehicle Registration |
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Posted by italianstallion on Mon Feb 27 00:13:15 2012, in response to Vehicle Registration, posted by South Brooklyn Railway on Sun Feb 26 21:40:31 2012. In NYS, the reg. fee is based solely on weight, not value:http://www.dmv.ny.gov/regfee.htm |
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| (913391) | |
Re: Vehicle Registration |
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Posted by WayneJay on Mon Feb 27 00:14:53 2012, in response to Vehicle Registration, posted by South Brooklyn Railway on Sun Feb 26 21:40:31 2012. I thought they collected tax based on the book value??? |
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| (913394) | |
Re: Vehicle Registration |
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Posted by italianstallion on Mon Feb 27 00:16:43 2012, in response to Re: Vehicle Registration, posted by WayneJay on Mon Feb 27 00:14:53 2012. There's sales tax based on the sales price.Transfer the Ownership of Your Vehicle To sell or give your vehicle as a gift, provide the new owner with the proofs and the documents described below: Proof of ownership Provide the new owner with acceptable proof of ownership. Make sure that you complete the odometer and damage disclosure statements on the back of the title certificate. Complete the proof of ownership document carefully. The DMV does not accept a title certificate or another proof of ownership document that indicates the information or signatures were changed or erased. Vehicle Proof of Ownership Registration Refund or Transfer Surrender Vehicle Plates and Registration Items Temporary Surrender of a Registration (No Refund) Transfer Vehicle Ownership (Sale or Gift) Proof of purchase price or gift. Use form DTF-802 (Statement of Transaction for Sales Tax) to show the purchase price of the vehicle or that the vehicle is a gift. The seller or donor completes the affidavit on page two of the form and gives the form to the new owner. The new owner completes the first page of the form and gives the form to the DMV office. The DMV office collects the sales tax from the new owner if the new owner is required to pay any sales tax. If the new owner applies for an exemption from NYS sales tax for a reason different from a gift, use form DTF-803 (Claim for Exemption). You can see the current sales tax rates by jurisdiction at the Department of Taxation and Finance web site. Lien. If there is a lien listed on the title certificate, give the new owner the original document from the lienholder that proves that the lien is satisfied. Keep a copy of this document. The new owner must give the original proof to the DMV. The DMV removes the lien when the new title certificate is issued. Vehicle plates and stickers. To avoid penalties, remove your vehicle plates, and your windshield registration sticker and inspection sticker. Do not allow the new owner to use your vehicle plates or stickers. Surrender your vehicle plates to a NYSDMV office or transfer your vehicle plates to another vehicle. Do not keep your vehicle plates. Your driver license can be suspended if your liability insurance lapses and you do not surrender or transfer the vehicle plates. http://www.dmv.ny.gov/regtransfer.htm |
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| (913478) | |
Re: Vehicle Registration |
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Posted by orange blossom special on Mon Feb 27 08:40:23 2012, in response to Vehicle Registration, posted by South Brooklyn Railway on Sun Feb 26 21:40:31 2012. I tried to do a cash value once, and the clerk told us to stop, do Gift or else it'll cause all sorts of money problems.But I've never done it in such a greedy state as NY. Just a heads up. I thought gift is supposed to be less taxed. |
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| (913498) | |
Re: Vehicle Registration |
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Posted by RIPTA42HopeTunnel on Mon Feb 27 09:45:42 2012, in response to Re: Vehicle Registration, posted by orange blossom special on Mon Feb 27 08:40:23 2012. But I've never done it in such a greedy state as NY. Just a heads up. I thought gift is supposed to be less taxed.In greedy New York, a gift isn't taxed at all. |
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| (913519) | |
Re: Vehicle Registration |
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Posted by AlM on Mon Feb 27 10:16:15 2012, in response to Re: Vehicle Registration, posted by Fred G on Sun Feb 26 22:09:19 2012. NO. That way lies a charge of tax evasion. |
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| (913520) | |
Re: Vehicle Registration |
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Posted by AlM on Mon Feb 27 10:16:30 2012, in response to Re: Vehicle Registration, posted by italianstallion on Mon Feb 27 00:13:15 2012. He means sales tax. |
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| (913521) | |
Re: Vehicle Registration |
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Posted by AlM on Mon Feb 27 10:18:28 2012, in response to Vehicle Registration, posted by South Brooklyn Railway on Sun Feb 26 21:40:31 2012. There may be restrictions on who can give you a gift. A family member can. They may complain if it's someone who has not real connection with you. |
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| (913522) | |
Re: Vehicle Registration |
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Posted by RIPTA42HopeTunnel on Mon Feb 27 10:23:08 2012, in response to Re: Vehicle Registration, posted by AlM on Mon Feb 27 10:18:28 2012. There may be restrictions on who can give you a gift. A family member can. They may complain if it's someone who has not real connection with you.No; New York exempts sales tax on any gifted vehicle, or on a vehicle purchased from an immediate family member. |
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| (913523) | |
Re: Vehicle Registration |
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Posted by Fred G on Mon Feb 27 10:29:37 2012, in response to Re: Vehicle Registration, posted by AlM on Mon Feb 27 10:16:15 2012. The vehicle is a gift tho.your pal, Fred |
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| (913524) | |
Re: Vehicle Registration |
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Posted by AlM on Mon Feb 27 10:40:38 2012, in response to Re: Vehicle Registration, posted by RIPTA42HopeTunnel on Mon Feb 27 10:23:08 2012. They really don't question if you accept a supposed gift from a complete stranger? |
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| (913525) | |
Re: Vehicle Registration |
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Posted by AlM on Mon Feb 27 10:41:17 2012, in response to Re: Vehicle Registration, posted by Fred G on Mon Feb 27 10:29:37 2012. Therefore saying you sold it for $1 is a false statement. if it's a gift you should say it's a gift. |
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| (913526) | |
Re: Vehicle Registration |
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Posted by RIPTA42HopeTunnel on Mon Feb 27 11:15:03 2012, in response to Re: Vehicle Registration, posted by AlM on Mon Feb 27 10:40:38 2012. They really don't question if you accept a supposed gift from a complete stranger?As long as the seller, under the penalty of perjury, signs an affadavit that it is a gift. |
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| (913527) | |
Re: Vehicle Registration |
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Posted by AlM on Mon Feb 27 11:22:29 2012, in response to Re: Vehicle Registration, posted by RIPTA42HopeTunnel on Mon Feb 27 11:15:03 2012. Ah, it's an affadavit. I guess that would put the fear of the law into most people. |
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| (913540) | |
Re: Vehicle Registration |
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Posted by LuchAAA on Mon Feb 27 12:32:40 2012, in response to Re: Vehicle Registration, posted by AlM on Mon Feb 27 10:41:17 2012. Believe it or not, people will sell their home to their kids for $1.The problem for the kids is that when they sell the home, they have to claim cap gains based on sale price - $1. So if someone bought a home in Middle Village Queens for $175k in 1983 and it's worth $900k in 2013 they can sell it to their only child for $1. When the kid eventually sells the home, let's say when it's worth $1 million, his cap gains will be $999,999. |
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| (913542) | |
Re: Vehicle Registration |
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Posted by LuchAAA on Mon Feb 27 12:34:45 2012, in response to Re: Vehicle Registration, posted by LuchAAA on Mon Feb 27 12:32:40 2012. Home or car, you can legally sell it for $1.But you have to show it on tax, and estate taxes too. |
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| (913560) | |
Re: Vehicle Registration |
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Posted by RIPTA42HopeTunnel on Mon Feb 27 13:58:06 2012, in response to Re: Vehicle Registration, posted by LuchAAA on Mon Feb 27 12:32:40 2012. Believe it or not, people will sell their home to their kids for $1.The problem for the kids is that when they sell the home, they have to claim cap gains based on sale price - $1. So if someone bought a home in Middle Village Queens for $175k in 1983 and it's worth $900k in 2013 they can sell it to their only child for $1. When the kid eventually sells the home, let's say when it's worth $1 million, his cap gains will be $999,999. No, if someone sells property for far below market value, the balance is considered a gift. The buyer/donee would later pay tax on the capital gains over the adjusted cost basis at the time of sale ($100,000 in your scenario), minus any improvements made after that date. |
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| (913588) | |
Re: Vehicle Registration |
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Posted by LuchAAA on Mon Feb 27 15:06:10 2012, in response to Re: Vehicle Registration, posted by RIPTA42HopeTunnel on Mon Feb 27 13:58:06 2012. No, if someone sells property for far below market value, the balance is considered a gift.Who pays the gift? Won't it be the child who paid $1 and eventually sells the house or just dies leaving it to the estate? |
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| (913601) | |
Re: Vehicle Registration |
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Posted by RIPTA42HopeTunnel on Mon Feb 27 15:34:45 2012, in response to Re: Vehicle Registration, posted by LuchAAA on Mon Feb 27 15:06:10 2012. Who pays the gift? Won't it be the child who paid $1 and eventually sells the house or just dies leaving it to the estate?You mean the gift tax? The donor is responsible, but there would be no tax unless the property were worth more than $5,133,001. |
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| (913607) | |
Re: Vehicle Registration |
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Posted by SMAZ on Mon Feb 27 15:41:45 2012, in response to Re: Vehicle Registration, posted by AlM on Mon Feb 27 10:40:38 2012. If the complete stranger is an organization like a church or the DAV you can claim a tax deduction too. |
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| (913678) | |
Re: Vehicle Registration |
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Posted by italianstallion on Mon Feb 27 17:08:02 2012, in response to Vehicle Registration, posted by South Brooklyn Railway on Sun Feb 26 21:40:31 2012. If you affirm it's a gift, and it truly is, there should be no state sales tax. There may be a Federal and state gift tax due at year end. |
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| (913788) | |
Re: Vehicle Registration |
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Posted by LuchAAA on Mon Feb 27 18:47:31 2012, in response to Re: Vehicle Registration, posted by RIPTA42HopeTunnel on Mon Feb 27 15:34:45 2012. You mean the gift tax? The donor is responsible, but there would be no tax unless the property were worth more than $5,133,001.Depends who you sell to. Difference between selling to a child vs. non-relative. Until a few years ago, the death tax kicked in at a measly $2,000,000. And before that it was even lower. That's why it would benefit any elderly homeowner to sell their home a few years before death. Even if the home is worth less than $500,000(which is working class in Queens and Long Island), you don't want your total estate to be worth too much. That's why I commend Obama for raising the death tax to $5 million. That gives breathing room to middle class families from places like Ridgewood, Middle Village, Massapequa(my cousins live there) etc....... |
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| (914100) | |
Re: Vehicle Registration |
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Posted by RIPTA42HopeTunnel on Tue Feb 28 08:26:08 2012, in response to Re: Vehicle Registration, posted by italianstallion on Mon Feb 27 17:08:02 2012. If you affirm it's a gift, and it truly is, there should be no state sales tax. There may be a Federal and state gift tax due at year end.New York State has no gift tax, and Federal gift tax doesn't kick in unless the gift is worth more than $13,000. Either way, it's the responsibility of the donor, not the recipient. |
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