Quote:
Originally Posted by speeder
Sell your cars to each other for $1k and do the transfer. Either that or pay tax of $10k each to DMV, (gifts are taxed @ market value). Give each other $1k so you are not lying. No one at the DMV knows wtf a 1963 Porsche is worth, trust me.
This is not rocket science.
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They will have some value in the database, how accurate the value is is the question but it's almost certain to be north of $1k.
If it's within a +/- range of $1k then no questions.
If it's multiples of $1k at the low end they can and most likely will charge tax on that number.
Most of that really hinges on how apathetic the Civil Servant is.
I've run into both.