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Old 09-10-2009, 05:39 AM
 
1 posts, read 4,892 times
Reputation: 11

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Can anyone tell me the pros & cons of selling my deceased Mother's car to my son for $1,00. It is a 1994 Taurus and she was just going to give it to him anyway. Any tips would be appreciated?!!


Thanks
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Old 09-10-2009, 01:17 PM
 
159 posts, read 251,385 times
Reputation: 46
The state of Maryland will impose taxes using the car's "book value" if the price that you sell the car falls $500 or more below the market value expected. See Buying a Vehicle in Maryland? for more information.
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Old 09-10-2009, 04:52 PM
 
733 posts, read 1,712,081 times
Reputation: 243
I think you can gift a car to an immediate family member in MD and avoid the excise tax.
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Old 09-11-2009, 09:52 AM
 
103 posts, read 282,802 times
Reputation: 30
Quote:
Originally Posted by rudy_d View Post
I think you can gift a car to an immediate family member in MD and avoid the excise tax.
Yup Buying a Vehicle in Maryland?
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Old 09-11-2009, 10:57 AM
 
Location: North Beach, MD on the Chesapeake
19,273 posts, read 20,177,442 times
Reputation: 20301
Quote:
Originally Posted by rudy_d View Post
I think you can gift a car to an immediate family member in MD and avoid the excise tax.

An immediate family transfer also avoids the usually mandatory inspection.
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Old 09-13-2009, 02:07 AM
 
Location: 757
328 posts, read 1,207,168 times
Reputation: 112
Yea just write it off as a GIFT..simple as that.
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Old 09-14-2009, 08:03 PM
 
Location: Baltimore, MD
2,467 posts, read 2,001,826 times
Reputation: 3897
Are you the executor of your mother's estate?
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