Car selling / transfer question
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Car selling / transfer question
I'm selling my Porsche C4S to a friend.. Anyone know of anyway of transferring the title / selling the car w/o incurring Uncle Sam's wrath? I've the title, so it's not a lien or anything and my friend will be able to pay cash for it...
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Yeah, that was actually what I meant... CA sales tax... besides maybe reporting down the sales price, is there any other way?
As a gift? I think federal gift tax will have to filed then?
As a gift? I think federal gift tax will have to filed then?
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The Gift thing only works if its from your parents (I could be wrong, but thats what I thought I was told)...
Since he's paying cash all you can really do is show the sale being lower then what it really was. Just don't go to low or it might raise an eyebrow..
Since he's paying cash all you can really do is show the sale being lower then what it really was. Just don't go to low or it might raise an eyebrow..
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Originally Posted by davidv
A gift will not work. Creating a fake bill of sale will not work. Besides anyone who can afford a Porsche C4S can certainly afford to pay sales tax. I don’t hear the buyer wining.
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#10
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Originally Posted by Mewantbfp
just say u sold it to him for 2,500 ull ahve to pay alot less,
bill
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