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Trading and the Law?

Discussion in 'Vehicles: For Sale/Trade/Wanted' started by brett304, Feb 5, 2009.

  1. brett304

    brett304 New Member

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    Apologize if this thread should go somewhere else, but it seemed appropriate to me... So how does trading cars work in concern to the laws in the states? I figure we probably pay taxes and such, but if they are fair trades, how does that work, etc... I'm guessing that an addiction to trading could be quite expensive?! So any insight would be appreciated...

    Working toward a clean stock 96 civic ex... (I had some bad luck when I bought this one...) Doubt I'll be trading this one anytime soon... However I will be looking to start a project at some point!!!
     
  2. austin20110

    austin20110 New Member

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    on the bill of sale write gift.. you can do it once a year
     
  3. brett304

    brett304 New Member

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    sweet

    That is awesome...makes me really really happy... No wonder everyone keeps asking me when I call about their cars!! Sounds like fun... Too bad I had to spend so much on mine... I'ma roll till the wheels fall off... No.. Hopefully that doesn't happen...

    Anyone who has any random stories to tell, things to watch out for etc... I would love to learn a little of what to expect in this game... Thanks guys!
     
  4. brett304

    brett304 New Member

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    asfda

    I believe in my state there is an automatic 10 percent tax on the blue book value of the vehicle... Does that mean I would pay that on a shell the same as if it were a car??? Not really sure.. Anyone?? IF you're wishing to give me state specific info, feel free, but I'll totally plan on looking that up... Still looking for some discussion... Feel free! -b
     
  5. bluemk3

    bluemk3 Supra & Civic-T Owner

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    If you are trading a shell simply swap the title and register it upon competion. And gift it. There should be no tax. In la anyways
     
  6. George777

    George777 ^^ Likes Bewbies

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    I was friends with someone when I lived in NV that got a "gift" from his father, and since it was father to son, there wasn't any taxes, just the registration charges. Another person got a "gift" and had to pay taxes on the value of the car. I guess it really comes down to where you are and how it all transpires.

    I'd be interested to know about the "gift" rule in California. I'll be headed there soon and may sign the car over to my girl so she can register it in her name.
     
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