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Forum
-> Household Management
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amother
Magenta
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 Tue, Apr 17 2018, 4:44 am
My parents are planning on getting a new car. They said we could have their old car- is it better to get it from them as a gift or "buy" it from them? I keep trying to read the DMVs rules, but can't make heads or tales of it. I think if we get it as a gift we don't pay taxes, but someo0ne said to dh gifting is not as smooth as a transaction...
advice??
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amother
Cobalt
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Tue, Apr 17 2018, 4:52 am
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amother
Magenta
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Tue, Apr 17 2018, 5:26 am
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amother
Taupe
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Tue, Apr 17 2018, 5:35 am
No sales tax in NJ but the paperwork must be filled in exactly correctly (no corrections are permitted on the title). It's not that hard, but I'm sure the rules vary from state to state.
ETA sorry I didn't see your last post.
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amother
Cobalt
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Tue, Apr 17 2018, 5:42 am
| amother wrote: | My parents are planning on getting a new car. They said we could have their old car- is it better to get it from them as a gift or "buy" it from them? I keep trying to read the DMVs rules, but can't make heads or tales of it. I think if we get it as a gift we don't pay taxes, but someo0ne said to dh gifting is not as smooth as a transaction...
advice?? |
It’s a common transaction. Probably not smooth if you don’t anticipate all the paperwork.
https://www.dmv.org/md-marylan.....s.php
That is not the state website but it spells out the process very clearly.
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amother
Magenta
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Tue, Apr 17 2018, 5:42 am
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There is sales tax in MD : ( So I guess it is better off gifting the car- now I gotta find my marriage license so the last names match up.....
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