U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 12-11-2018, 08:06 AM
 
3,682 posts, read 4,942,236 times
Reputation: 2427

Advertisements

Hi, let's say you want to buy a family member (parents/nieces/etc.) a new car. Assume there's a loan on the car you'd be taking out, and let's forget the financial rationale aspect.


Has anyone ever done this?

1. how does the annual taxes work? (who gets the bill if both you and the niece/parent are on the registration?)

2. Can you transfer ownership to the family member after the loan is paid off, without the other person incurring any transaction taxes?
Reply With Quote Quick reply to this message

 
Old 12-11-2018, 03:39 PM
 
1,198 posts, read 1,835,228 times
Reputation: 990
The car tax bill gets mailed to the address on the registration. Anyone can pay it.

Yes the DMV has a form to declare your title transfer as a tax exempt gift to a family member. Note that family member means spouse, child, or parent. Not your niece that would be taxable as a "sale."
Reply With Quote Quick reply to this message
 
Old 12-11-2018, 03:45 PM
 
3,682 posts, read 4,942,236 times
Reputation: 2427
Quote:
Originally Posted by boyd888 View Post
The car tax bill gets mailed to the address on the registration. Anyone can pay it.

Yes the DMV has a form to declare your title transfer as a tax exempt gift to a family member. Note that family member means spouse, child, or parent. Not your niece that would be taxable as a "sale."
Many thanks
Reply With Quote Quick reply to this message
 
Old 12-11-2018, 03:46 PM
 
10,606 posts, read 12,152,749 times
Reputation: 6500
If you want to buy them a new car, why not put their name on the title also. That way, you won't have to worry about transferring title.
Reply With Quote Quick reply to this message
 
Old 12-11-2018, 06:48 PM
 
3,682 posts, read 4,942,236 times
Reputation: 2427
Quote:
Originally Posted by ChristineVA View Post
If you want to buy them a new car, why not put their name on the title also. That way, you won't have to worry about transferring title.
So that's what I'm doing.....registering the car in my name (since my name is on the loan, it also MUST be on the registration. Though, only my name is on the loan). I believe that once the loan is paid off and title sent to us, I can pay $15 and 'remove' myself from the title.....effectively making the car solely theirs.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top