my uncle wants to give me his restored 65 ranchero

[Peterkaczynski]

lol too much to read but free shit? sounds good to me

[aegul44]

maybe you should buy it from him for a dollar. that would make a legal transaction.

Thats actually a bad idea. IRS will be chasing his ass. My friends done that before it just doesnt work. He will end up with tax bill. They are very strict on car sales to get the tax from people like you. They know the market value for vehicle and they will send you the remaining bill for that lets say 20k car. As I said above he should give it to you as a gift, IRS and DMV can't do anything. We bought many cars worth +20k for that method, never had issues.

Just go to any vehicle tag place, they will get it done for you. BTW you don't need any witness for that. Tag place is the witness for that transaction.

[marshallnoise]

Anyone is allowed to gift a family member 10k tax free. After that, then you will owe taxes.

Sent from my SAMSUNG-SGH-I337 using Tapatalk

[aegul44]

^^^ It doesn't have to be family member. As I said before we gifted more than $20k worth cars between my friends. Atleast there is no limitation like that in my area (PA).

[marshallnoise]

^^^ It doesn't have to be family member. As I said before we gifted more than $20k worth cars between my friends. Atleast there is no limitation like that in my area (PA).

Yeah, the IRS is supposed to know about those things.

https://www.irs.gov/uac/Eight-Tips-to-Determine-if-Your-Gift-is-Taxable

The 2016 annual exclusion is $14K. You can give anyone a gift up to that amount with out triggering a taxable event.

I just googled for PA (for fun) and they don't set a limit on what is able to be given except that you have to pay taxes on the full fair market value of the vehicle upon title transfer. http://www.dot.state.pa.us/Public/DV...ms/mv-13st.pdf

Now, I don't care if you turn yourself in to the IRS or the State of PA, but now you know!

[aegul44]

^^ that might be new regulations for PA as of 2016. If it wasn't something new, auto tag places wouldn't suggest me to do that in early years.

[stonea]

Only skimmed this thread, but OP is being a bitch and wont M30 swap his Ranchero?

[rcsoundn1]

Not sure I would give the option of, "you get it back when ever you want" Thats up to you. But think about how you would feel if you dump money into it, then he shows up and says, "Ok give it back now." In NJ, the tax office can send you a request/bill whatever you call it for what they think the car is worth. I dont think they persue it much though because I have know people to lower the value of what they bought, get the request from the tax office and either ignore it or send a letter to explain why they feel they paid a fair value for it.

[FireFight]

well he came back to my work on Monday when i was off, and i guess him and my aunt are getting back together:loco:
and he wants to keep it now, i just hope he doesnt keep pulling this shit, I spent a good amount of time looking up laws and trying to find a place to store it.
what ever.

P.S. M30 would have been in it so fast haha

[Exodus_2pt0]

Thats actually a bad idea. IRS will be chasing his ass. My friends done that before it just doesnt work. He will end up with tax bill. They are very strict on car sales to get the tax from people like you. They know the market value for vehicle and they will send you the remaining bill for that lets say 20k car. As I said above he should give it to you as a gift, IRS and DMV can't do anything. We bought many cars worth +20k for that method, never had issues.

Just go to any vehicle tag place, they will get it done for you. BTW you don't need any witness for that. Tag place is the witness for that transaction.

Problem is, if you actually did sell the vehicle for $1 and can prove it, all they can do is charge you the minimum. ($75 or so last time I bought a car.) Even still, the MY is 65, it very well could be sold for $1. The DMV doesn't need to see the car.

The DMV will try to do all sorts of stuff, hell they tried to charge us tax when my wife took her mom off the title to her car (Purchased when she was a minor.) That didn't fly.

If you are buying a $20k car and putting $1 on the title, that's just dumb. Especially when there is a paper trail saying otherwise.

[TimeMachinE30]

Don't mix their shenanigans, family and business. Just too much emotion and the car would never return enough favor to outweigh the heartache. See yourself politely out oof any involvement with them lest you join them on their rollercoaster life.

[Stanley Rockafella]

well he came back to my work on Monday when i was off, and i guess him and my aunt are getting back together:loco:
and he wants to keep it now, i just hope he doesnt keep pulling this shit, I spent a good amount of time looking up laws and trying to find a place to store it.
what ever.

P.S. M30 would have been in it so fast haha

That's one of the things about dealing with family, they'll pull all sorts of stuff for whatever reason they want. That's why It's usually best to avoid selling things like cars to family members, since they may sometimes blame you (the PO) for lack of maintenance leading to repairs etc.

This reminds me of when I bought this e30 in 03. I was still living at home with my parents and my younger bro was still in elementary school. I told him if he wants, I'd be willing to gift him my car once he got his license.

Fast forward several years and he finally gets his license after at least 5-6 failed attempts. At this point he swears that he does not want a stick, so my parents buy him a POS....Sunfire or something similar. Anyway, he trashes it as well as some other car. Then he asked my mom to ask me if I'd still be willing to gift him the e30. At that point I turned him down, saying that he said he wanted an auto and that the e30 wouldn't work for him. technically the car should have gone to him, but he said he didn't want it, so I kept it.

Best decision (for the cars sake) ever

[TimeMachinE30]

^ Yup sold a real sweet VW B5 1.8T Varaint within the family for low-dough. Within a few short months, it just happened to stop working. Story about it was making noise and then stopped working. So sad. Top end was rebuilt, turbo was 10k old.