My DH and I are trying to surprise my sister by giving her my DHs old Jeep. We have never sold a vehicle or given one away so we have some questions. If we give it away and give her the title to it then can she get it registered in her name without us? Or do we have to be there? Can we claim it in our taxes or anything? Is there anything that I should know before I give it to her?Answer Question
As far as giving it to her, you can sign the title over to her. Depending on your state, you may have to have a bill of sale (even though it will be a gift). As far as taxes go, I would check with a CPA on that. My parents just recently inherited some money and they paid off my vehicle. They will get a tax break from that but I won't have to pay taxes because it was under $12,000. The best thing to do is speak with your accountant (not someone from H&R block or other tax service place).
Answer by JeremysMom at 1:51 PM on Oct. 11, 2010
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