I looked on the PA DMV site and couldn't figure out anything so I figured I'd ask here..
My 'rents bought the mazda miata I drive now.. eventually when I go fulltime with my job, they would like to transfer the title over to me.. we haven't gotten into details about it.. the car is suppose to be a gift.. will I have to pay taxes on it?
if so, could I just leave the car in their name and insure it myself?
^^^ Have them sell it to you for a dollar. Then you only have to pay a dollars worth of taxes. I believe this is true. Irene in PA you must own the car to insure it. Meaning the car has to have atleast your name on it I believe.
if PA is as strict as jersey...you're not going to get away wiht buying a car for a dollar. LOL..IRS willl come back to you and question it. Also , in NJ, you can't insure it if you don't own it.
if PA is as strict as jersey...you're not going to get away wiht buying a car for a dollar. LOL..IRS willl come back to you and question it. Also , in NJ, you can't insure it if you don't own it.
Correct. However, with vehicle transfer among immediate family, you can give the car as a gift and pay no taxes. However, you do have to provide documentation proving this, perhaps an affadavit from the giver of the gift [ie: the parent if the parent is giving car to kid], or some other sort of proof. Not to nitpicky, but it won't be IRS coming after you, but NJ Dept. of Taxation. Just as bad though!
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