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Giving An Auto As a Gift - READ ONLY

15 messages,  Last post on Mar 10, 2011 at 11:33 PM

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Messages Page 2 of 2

#10 of 15 Re: Well.......... [rockylee] by hpmctorque

Sep 15, 2010 (5:52 am)

Replying to: rockylee (Dec 01, 2006 3:52 pm)
Sorry about your wife's car accident, but, fortunately she suffered only minor consequences, especially compared with what could have happened. Nevertheless, it inconvenient to have to replace a solid, reliable daily driver that you like.
 
Sorry for my ignorance, but what's a 7-up Mustang? I've never heard that term, and can only guess that maybe it's a 7-liter.
 
Let us know how your story ends, and whether you get the Buick Century. Good luck!

#11 of 15 Re: Want to buy a car for my parents--tax implications? [emily6] by steve_ HOST

Sep 15, 2010 (7:24 am)

Replying to: emily6 (Sep 14, 2010 11:15 pm)
Did you check the California DMV site? It's pretty comprehensive, although I guess the tax stuff could be on a different agency site.
 
(Hpmctorque, you're replying to a four year old post Rocky still pops in though, so maybe he'll see it.)

#12 of 15 Re: Want to buy a car for my parents--tax implications? [steve_] by hpmctorque

Sep 15, 2010 (7:26 am)

Replying to: steve_ (Sep 15, 2010 7:24 am)
Whoops!

#13 of 15 Re: Want to buy a car for my parents--tax implications? [emily6] by Mr_Shiftright HOST

Sep 15, 2010 (11:19 am)

Replying to: emily6 (Sep 14, 2010 11:15 pm)
Well if the car is going to be in their name, then everything is settled at the dealership, yes. You pay all taxes and registration right there. Dealers do this all the time, with gifted cars, they know the drill.
 
If you're asking about buying the car in YOUR name, then giving it to the parents as part of an estate or something, then you need to talk to a tax advisor.
 
one nice way to do this is to just give them the key in a box and let them figure out the rest!
 
VISITING HOST

#14 of 15 I've given a car as a gift.... by michaell

Sep 17, 2010 (1:59 pm)

Several years ago, my FIL passed away. He owned a '91 or '92 Subaru Legacy wagon with 138K on the clock. Stick, PW, PDL, cruise.
 
At first, my SIL wanted to take ownership since she didn't have a car. However, she didn't have a license - still doesn't, to this day. So, ownership transferred to my wife and I. I got it titled in CO (FIL was in WY), put plates on it and had plans to sell it.
 
Then, I had the bright idea that my son, in CA, was graduating HS and could use a car. So, I promised him the car if he graduated - this was in February or March, IIRC.
 
Well, June rolls around and the kid is ready to graduate, by the skin of his teeth. So, I drive the Subaru from CO to CA - 1100 miles at something like 30 MPG - and he's thrilled. Had to teach him to drive stick, but he got the hang of it. Got the title and registration in his name, got it smogged, the works.
 
He drove the car for a year or so, then his mom's father passed and he inherited enough money to buy another car. So, he sells the Subaru to a close friend of his for, I think $800. She's still driving it to this day.

#15 of 15 New innovation by antonybever

Mar 10, 2011 (11:33 pm)

Generally people wont give auto as a gift. If they wish, they will gift two wheelers or car to their family members. This is a new thing I didnt heard before gifting auto.

Messages Page 2 of 2

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