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Getting a car as a gift

  • Thread starter Thread starter Locarno
  • Start date Start date

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L

Locarno

Guest
I'm in Minnesota. I just turned 21 and my mother is giving me her car (paid off) for my birthday. On the back of the "Certificate of Title", there is a form for "Buyer's Excise (sales) tax declaration".

What is the best way to handle this? The "Full purchase price" is zero; is this a problem? Should I actually buy the car for $1 or another amount? How will I have to pay these taxes? Thanks in advance,

P-Sz
 


T

Taxguy

Guest
>>Should I actually buy the car for $1 or another amount? How will I have to pay these taxes? <<

Yes,...use $1.
Any tax payable will be collected when you retitle the car at Dept of Motor Vehicles
 
Do states differ that much concerning a gift of a car?
I live in Ohio. Gave my daughter my car last year. I put "gift to daughter" and she paid no sales tax when she retitled it. Our state must be giving us a break.
 

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