My grandfather who can_t drive anymore gave me his car, which is currently registered in the State of Florida. The market value of the automobile is approx $15,000. I am looking to register the vehicle in the State of New York where I live.
How can I register the car and avoid paying tax?
My understanding is if I report a sale price, I have to pay 7.385% sales tax. If I report a sale price below market value, I will probably be assessed a tax based on the difference between what I said I paid and the market price.
If I report a gift transaction (form DTF-802) to the state when I register the vehicle what will be the tax consequence?
There is a section on the DMV form where you can indicate the gift was from a spouse, parent, or child. If there is less or no tax in this case, does it make sense for my parents to obtain a title, then transfer title to me?
Any thoughts?
How can I register the car and avoid paying tax?
My understanding is if I report a sale price, I have to pay 7.385% sales tax. If I report a sale price below market value, I will probably be assessed a tax based on the difference between what I said I paid and the market price.
If I report a gift transaction (form DTF-802) to the state when I register the vehicle what will be the tax consequence?
There is a section on the DMV form where you can indicate the gift was from a spouse, parent, or child. If there is less or no tax in this case, does it make sense for my parents to obtain a title, then transfer title to me?
Any thoughts?