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Thread: Car As Gift

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  1. #1 Default Car As Gift 
    Hi all,

    I am going to give my Pathfinder to my Dad's friend. What documents do I need to make it legitimate? Can I also sell the car to him for $1? If I do sell for $1, I just sign the title over to him along with the Bill of Sale. Is that correct?

    Google the subject right now...

    Thanks
    Last edited by GoingFast; 03-27-2011 at 11:28 AM.
    FOB is FOB
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  2. #2 Default  
    Ok, found my answer but leaving post for future reference.

    http://www.dmv.org/ma-massachusetts/...ting_a_Vehicle

    Gifting a Vehicle
    One nice advantage of gifting a vehicle is that the recipient is exempt from paying the sales and use tax typically associated with obtaining a car. Thatís because typically anyone who purchases a motor vehicle in the state for use, storage or other consumption must pay a sales or use tax.

    For the specifics on what to do when you receive a vehicle as a gift, read the steps below.

    Fully complete an Affidavit in Support of a Claim for Exemption from Sales or Use Tax for Motor Vehicle Transferred as a Gift.
    Have your insurance agent complete an Application for Registration and Title (form RMV-1). If you have not yet purchased auto insurance, visit our Insurance Center to compare quotes.
    Go to the nearest full-service RMV office with your paperwork. Be prepared to pay the $25 fee. If the vehicle was not titled by the previous owner, ask him for the Bill of Sale he obtained when he purchased the vehicle.
    The RMV will issue you license plates and your registration. Look in the mail for your new title within six to eight weeks.
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  3. #3 Default  
    Doesn't matter if you put $1, RMV will tax it on bookvalue. Can only do tax free gift to relative as far as I know. I had trouble even giving. my step daughter a truck, not sure what my insurance company did but in the end it was tax free gift
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  4. #4 Default  
    Wonder if it's been changed since I gave step daughter truck 10 years ago? Would it now mean anybody could save sales tax if seller agreed to put $1 and buyer paid with no paper trail?
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  5. #5 Default  
    Quote Originally Posted by QuicksilverR8 View Post
    Wonder if it's been changed since I gave step daughter truck 10 years ago? Would it now mean anybody could save sales tax if seller agreed to put $1 and buyer paid with no paper trail?
    this is why it is still the same I think Scott. The state would lose out on way too much revenue and we all know that MA would never let that happen.
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  6. #6 Default  
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    You can only give a car tax-free to a family member.

    Any other non-dealer sale is taxed by the book value, regardless of what's written in the amount on the title.

    -Justin

    White Hairdresser's Car, Orange Car with Hand-Built Engine (Like AMG) and 6-Speed (Not like AMG)
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  7. #7 Default  
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    Quote Originally Posted by Trptguy View Post
    this is why it is still the same I think Scott. The state would lose out on way too much revenue and we all know that MA would never let that happen.
    You used to be able to get away with it. They finally closed the loop hole sometime in the 90's. Before that, there were a whole lot of cars changing hands for $50 or less.

    -Justin

    White Hairdresser's Car, Orange Car with Hand-Built Engine (Like AMG) and 6-Speed (Not like AMG)
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