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...

 

Uncle Sam has no interest in auto transfers. But most states will collect a sales tax from the BUYER.

bill

 

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?

 

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.

 

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..

 

You don't hear the buyer whinning because you are not here ;p I can certainly afford to pay, but was just wondering if there was some sort of tax structural setup where you didn't have to. Oh well, I thought if I can't avoid death, maybe tax was avoidable... Guess Joe Black was right

 

No. Unless you can prove he/she's your immedite family.

 

just say u sold it to him for 2,500 ull ahve to pay alot less,

 

When my old man sold me his Accord I paid $1 for it since it was essentially a gift.

 

There may be xceptions, but every state I know of uses some kind of book value for tax determination.

bill

 

As I mentioned that will not work. The state will use book value regardless of what you write on a bill of sale.