-GoBengals- Posted September 5, 2009 Report Share Posted September 5, 2009 the folks i talked to at the DMV werent too helpful, obviously its tough to ask sneaky questions to folks your trying to sneak.. anyway.. My parents are given me their car, worth about $12,000 I would like to not pay taxes on it, income taxes or property taxes, etc.. what, in Ohio, will I encounter??? The title will be transferred and the "sale price" must be on it? I suppose the sale price can be like $1? $100? if we want.. not like they watch money change hands or anything.. or can it just be $0? I am fine with the transfer fees and registration fees, etc, just dont want to get nailed with "ha, fool, you owe $550 in property taxes" or something crazy.. i have been googling, and lots of difference answers as all states are different.. anyone done this ever or recently? thanks for any help! basically how can they give me a car for free and me not get hosed on paying anything but the registration and transfer fees. Link to comment Share on other sites More sharing options...
oldschooler Posted September 5, 2009 Report Share Posted September 5, 2009 Gifting a Vehicle If you receive a vehicle as a gift―meaning you didn't purchase it―the title process is similar to the title transfer process listed above for used car buyers. However, [b]you need to make sure the giver writes "gift" on the back of the title in the spot designated for the sales price.[/b] Other than that, the process is the same, and you will need to: [list][*]Confirm that the owner has correctly filled out the odometer information if the vehicle is 10 years old or newer.[*]Appear before a notary public, and watch the owner sign and date the form in the proper spots.[*]Sign your name in the correct spot.[*]Receive the bill of sale from the owner.[*]Take everything to a County Clerk of Courts office.[*]Fill out the [url="http://publicsafety.ohio.gov/links/bmv3774.pdf"]Application for Certificate of Title[/url] form.[*]Pay the $5 title fee.[/list]Once you're finished with the titling process, you should go to a deputy registrar's office to register your vehicle, obtain your plates, and pay the assorted [url="http://bmv.ohio.gov/vehicle_registration/reg_fees.htm"]fees[/url]. [url="http://www.dmv.org/oh-ohio/title-transfers.php#Gifting_a_Vehicle"]http://www.dmv.org/o...fting_a_Vehicle[/url] Link to comment Share on other sites More sharing options...
|RayDoggBengal| Posted September 5, 2009 Report Share Posted September 5, 2009 It's been a few years since I gave my brother a car but I just put "gift" as the sale price and it wasn't a problem. The value of the car at the time was about $1500 so their is a big price difference. I recommed calling the BMV (not the one you're going to) and ask them about it like you're giving the car to your brother/sister or such and see what they tell you. Link to comment Share on other sites More sharing options...
ickeyshuffler Posted September 5, 2009 Report Share Posted September 5, 2009 spoiled much? Link to comment Share on other sites More sharing options...
PutWittyNameHere Posted September 5, 2009 Report Share Posted September 5, 2009 [quote name='GoBengals' date='05 September 2009 - 07:33 PM' timestamp='1252190009' post='798704'] the folks i talked to at the DMV werent too helpful, obviously its tough to ask sneaky questions to folks your trying to sneak.. anyway.. My parents are given me their car, worth about $12,000 I would like to not pay taxes on it, income taxes or property taxes, etc.. what, in Ohio, will I encounter??? The title will be transferred and the "sale price" must be on it? I suppose the sale price can be like $1? $100? if we want.. not like they watch money change hands or anything.. or can it just be $0? I am fine with the transfer fees and registration fees, etc, just dont want to get nailed with "ha, fool, you owe $550 in property taxes" or something crazy.. i have been googling, and lots of difference answers as all states are different.. anyone done this ever or recently? thanks for any help! basically how can they give me a car for free and me not get hosed on paying anything but the registration and transfer fees. [/quote] As you alluded to, these laws do vary state by state, but I do know that many states will waive taxes altogether if it's a gift from a parent. I did exactly this two years ago in my state of Mississippi. They actually gave me some leeway as it was technically my stepdad whose name was on the title, and the rule is only supposed to apply to biological parents. All I had to show them was a signed letter from my stepdad stating that he was gifting the car to me. But at any rate, I only had to pay the usual registration fees (which are ridiculous in MS). Link to comment Share on other sites More sharing options...
Phatcat Posted September 5, 2009 Report Share Posted September 5, 2009 [quote name='oldschooler' date='05 September 2009 - 07:51 PM' timestamp='1252191119' post='798708'] Gifting a Vehicle If you receive a vehicle as a gift―meaning you didn't purchase it―the title process is similar to the title transfer process listed above for used car buyers. However, [b]you need to make sure the giver writes "gift" on the back of the title in the spot designated for the sales price.[/b] Other than that, the process is the same, and you will need to: [list][*]Confirm that the owner has correctly filled out the odometer information if the vehicle is 10 years old or newer.[*]Appear before a notary public, and watch the owner sign and date the form in the proper spots.[*]Sign your name in the correct spot.[*]Receive the bill of sale from the owner.[*]Take everything to a County Clerk of Courts office.[*]Fill out the [url="http://publicsafety.ohio.gov/links/bmv3774.pdf"]Application for Certificate of Title[/url] form.[*]Pay the $5 title fee.[/list]Once you're finished with the titling process, you should go to a deputy registrar's office to register your vehicle, obtain your plates, and pay the assorted [url="http://bmv.ohio.gov/vehicle_registration/reg_fees.htm"]fees[/url]. [url="http://www.dmv.org/oh-ohio/title-transfers.php#Gifting_a_Vehicle"]http://www.dmv.org/o...fting_a_Vehicle[/url] [/quote] Its easy.... Old has it covered. GIFT! I did the same thing a year ago when I gave my son a car of similar value. No biggie. Link to comment Share on other sites More sharing options...
CatScratchFever Posted September 5, 2009 Report Share Posted September 5, 2009 I just acquired a car from my uncle, so I've got some experience here. In Ohio, if the car is a gift from a family member, there is no tax, regardless of the car's value. Here are the fees I paid: $3.50 Title inspection (you won't need this if you already have an Ohio title) $17.50 Title Fee $32.25 Registration (This will differ for you since its prorated by your birthdate) That's it! Bring cash or check. They don't take credit or debit cards. Link to comment Share on other sites More sharing options...
-GoBengals- Posted September 6, 2009 Author Report Share Posted September 6, 2009 [quote name='oldschooler' date='05 September 2009 - 06:51 PM' timestamp='1252191119' post='798708'] Gifting a Vehicle If you receive a vehicle as a gift―meaning you didn't purchase it―the title process is similar to the title transfer process listed above for used car buyers. However, [b]you need to make sure the giver writes "gift" on the back of the title in the spot designated for the sales price.[/b] Other than that, the process is the same, and you will need to: [list][*]Confirm that the owner has correctly filled out the odometer information if the vehicle is 10 years old or newer.[*]Appear before a notary public, and watch the owner sign and date the form in the proper spots.[*]Sign your name in the correct spot.[*]Receive the bill of sale from the owner.[*]Take everything to a County Clerk of Courts office.[*]Fill out the [url="http://publicsafety.ohio.gov/links/bmv3774.pdf"]Application for Certificate of Title[/url] form.[*]Pay the $5 title fee.[/list]Once you're finished with the titling process, you should go to a deputy registrar's office to register your vehicle, obtain your plates, and pay the assorted [url="http://bmv.ohio.gov/vehicle_registration/reg_fees.htm"]fees[/url]. [url="http://www.dmv.org/oh-ohio/title-transfers.php#Gifting_a_Vehicle"]http://www.dmv.org/o...fting_a_Vehicle[/url] [/quote] man i googled all kinds of shit and didnt come across this.. thanks! perfect! [quote name='whodey24k' date='05 September 2009 - 06:55 PM' timestamp='1252191307' post='798711'] spoiled much? [/quote] you have NO idea... my first car sucked.. the hand me down, formerly sisters handme down, Plymouth Reliant station wagon.... but for High SChool Graduation, My sister got a car, so I did too, got to pick what we wanted, Anything compact really, both Got a new honda Civic, her's had 200 miles on it, mine had 8.. what a sucker.... I owned that car until now, hell i still own it (anyone wanna buy a '99 Honda Civic?) and now since my parents did the cash for clunkers and traded in a Dodge caravan worth $150 and got $3500 off a new accord, I got the old one.. i lucked out big time.. I would going to rough it out for a few more years with the civic, they are awesome.. so now I have a '05 Accord w/leather and driven by a 56 yr old woman since being brand new..low miles, etc.. chances are I will be 35 before I have a car payment of my own.. never had one.. ever.. wife has tho.. so i HAVE seen what a car payment slip looks like... /end explanation of spoiled-ness [quote name='CatScratchFever' date='05 September 2009 - 07:04 PM' timestamp='1252191881' post='798716'] I just acquired a car from my uncle, so I've got some experience here. In Ohio, if the car is a gift from a family member, there is no tax, regardless of the car's value. Here are the fees I paid: $3.50 Title inspection (you won't need this if you already have an Ohio title) $17.50 Title Fee $32.25 Registration (This will differ for you since its prorated by your birthdate) That's it! Bring cash or check. [b]They don't take credit or debit cards.[/b] [/quote] this is utterly shocking.... i dont care if they charge me more to use it.. but take a damn credit car people.. jeebus.. thanks for the heads up.. i would have forgotten for sure.. everytime i go there i forget.. thanks everyone for the input and info.. solved my problem completely!! ill move this now. Link to comment Share on other sites More sharing options...
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