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Unread 09-10-2009, 05:39 AM
 
1 posts, read 4,227 times
Reputation: 11
Question I want to sell my Mother's car to my son for $1.00

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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Unread 09-10-2009, 01:17 PM
 
118 posts, read 181,622 times
Reputation: 35
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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Unread 09-10-2009, 04:52 PM
 
679 posts, read 1,399,975 times
Reputation: 198
I think you can gift a car to an immediate family member in MD and avoid the excise tax.
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Unread 09-11-2009, 09:52 AM
 
104 posts, read 231,304 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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Unread 09-11-2009, 10:57 AM
 
Location: North Beach, MD on the Chesapeake
14,815 posts, read 12,741,568 times
Reputation: 13279
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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Unread 09-13-2009, 02:07 AM
 
Location: 757
328 posts, read 1,059,577 times
Reputation: 110
Yea just write it off as a GIFT..simple as that.
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Unread 09-14-2009, 08:03 PM
 
Location: Baltimore, MD
1,920 posts, read 1,168,020 times
Reputation: 2706
Are you the executor of your mother's estate?
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