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When you want the title of a vehicle under your name is it cheaper if you say it was a gift? Whats a 10 gift tax?

because my dad signed for me but I paid it but I dont want to pay high taxes because I was paying the car for 5 yrs so if I say it was a gift will it be cheaper the title, I live in Texas. This is what came out when I looked it up:
There is a $10 gift tax when a person receives a motor vehicle as a gift from an immediate family member, guardian or
a decedent's estate. A vehicle donated to, or given by, a 501(c)(3) nonprofit service organization is also taxed as a gift.
Both donor and recipient must sign the Comptroller's joint affidavit. See Form 14-317, Affidavit of Motor Vehicle Gift
Transfer.

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Anonymous

Asked by Anonymous at 11:32 PM on Mar. 23, 2010 in Just for Fun

Answers (4)
  • It seems they found a way to get some money out of people who try to commit tax fraud.
    Anonymous

    Answer by Anonymous at 11:35 PM on Mar. 23, 2010

  • The cost to title a car in most counties is determined by the value of the vehicle. This sounds like an additional tax on cars not being sold because sales tax is not paid when there is no sale.
    ecodani

    Answer by ecodani at 11:37 PM on Mar. 23, 2010

  • the gifter and giftee have to sign a piece of paper affirming that it's a gift. Other then that, what you've got is absolutely accurate. There's a box on the Application for Certificate of Title that reads '$10 Gift Tax'. Bring the ten bucks, the application, affadavit, and proof of insurance to the county tax assessors office and you'll be a-okay.
    Anonymous

    Answer by Anonymous at 12:14 AM on Mar. 24, 2010

  • For the Love of God just call down to your local title and registration and ask them. Make a list of the questions you want to ask and ask the professionals and not people on Cafe Mom.
    Anonymous

    Answer by Anonymous at 9:37 AM on Mar. 24, 2010

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