Title of Vehicle Questions..Family Members?? - Mercedes-Benz Forum

 
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post #1 of 10 (permalink) Old 02-21-2008, 12:20 PM Thread Starter
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Title of Vehicle Questions..Family Members??

Hey guys, mabey someone knows..I need some help.

I am looking to purchase a vehicle from my mother (there is a loan on the vehicle out of state)

I have approved financing to get the vehicle paid off (currently her name is on the title of the car I am buying)

How do I avoid tax on this? When my bank pays off her bank, I dont want to pay tax on this car. I keep hearing their is no tax on "Gifts" but I dont have the cash to just pay her for it.. Her bank has the title.

Anyone have any feedback?

Thanks,
Joe


2005 ML350 SE
20" MB CLS REP WHEELS
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post #2 of 10 (permalink) Old 02-21-2008, 01:24 PM
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You gotta answer this simple question, first: Has your Mother ever lied to you?

In Washington State, you can use a bill of sale, which allows you to clarify the conditions under which you're transferring ownership--YMMV
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post #3 of 10 (permalink) Old 02-21-2008, 01:27 PM
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You will have to inherit/get it the car as a gift for the tax exemption here in Maryland. So paying her off is not really inheritance.
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post #4 of 10 (permalink) Old 02-21-2008, 01:56 PM
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In Texas tax is collected at time of registration, whatever goes on with the loan has nothing to do with it. Common practice is to write a bill of sale for $1.00, resulting in a 8 cent tax. Legally it isn't a gift.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #5 of 10 (permalink) Old 02-21-2008, 01:59 PM
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In Texas tax is collected at time of registration, whatever goes on with the loan has nothing to do with it. Common practice is to write a bill of sale for $1.00, resulting in a 8 cent tax. Legally it isn't a gift.
Nah, that wouldn't work in Maryland. The minimum they would tax you on is something like $600 even if you got the car for free or paid $1.00. Anything above that value is assessed accordingly
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post #6 of 10 (permalink) Old 02-21-2008, 02:14 PM
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Well, then, you'd just have to use a Houston solution: take some insurance out and set the car on fire. Payoff is better if you put mother in it first.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #7 of 10 (permalink) Old 02-21-2008, 02:47 PM
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Well, then, you'd just have to use a Houston solution: take some insurance out and set the car on fire. Payoff is better if you put mother in it first.
Yeah, that's done in Maryland too. Hell it was two Metro cops that did it this week and got caught. Can you believe it? These bozos represent authorities, what a bunch of fking assholes. I wonder what I should tell a cop when I get pulled over and asked for my insurance papers
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post #8 of 10 (permalink) Old 02-21-2008, 02:53 PM
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Ha, and you gave those same bozos your vintage nazi bullets
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post #9 of 10 (permalink) Old 02-21-2008, 02:57 PM
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You get even more money if it's a Pinto. You may have a gold mine there, grandma and Pinto and a little kerosene, and next thing you know you've got a villa in Costa Rica.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #10 of 10 (permalink) Old 02-21-2008, 03:00 PM
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You get even more money if it's a Pinto. You may have a gold mine there, grandma and Pinto and a little kerosene, and next thing you know you've got a villa in Costa Rica.
I wouldn't call Boca Raton Costa Rica
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