When do I need to fill out a car gift form?
Each state adheres to different title transfer rules, including when gifting. Some states require submitting a completed car gift form, while others only require writing the word "Gift" on the title's designated price line or on a bill of sale.
If you reside in a state that requires a gift form, you'll use it when, obviously, giving a car as a gift. This means no money was exchanged. A gift form will then protect the recipient from being charged a state sales tax. Gift forms can be downloaded from your state's DMV Web site, or picked up at any DMV office.
Some states may also require submitting a gift form when donating a car. This in turn will, if applicable, help earn you a tax deduction. But be sure to check with your DMV for car donation requirements.
Post Comment for "When do I need to fill out a car gift form?"
To post a comment for this article, simply complete the form below. Fields marked with an asterisk are required.
How would you rate this answer?
Thank you for rating this answer.