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Vehicle Title Transfer to Daughter-Gift or Sell
#14369839
05/17/22 12:40 PM
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Joined: Apr 2004
Posts: 393
TR22johnson
OP
Angler
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OP
Angler
Joined: Apr 2004
Posts: 393 |
My daughter who has been driving a jeep that we bought when she was 16(titled in my name) and is now 24 and now out of college is time for her to get her own insurance policy. I have also decided to "give" her the jeep and to get the title out of my name and into hers. Would it be better/easier to do as a gift or sell for a minimum value to transfer? Is there any tax implications either way?
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Re: Vehicle Title Transfer to Daughter-Gift or Sell
[Re: TR22johnson]
#14369847
05/17/22 12:52 PM
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Joined: Feb 2015
Posts: 5,691
kennerdude
TFF Celebrity
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TFF Celebrity
Joined: Feb 2015
Posts: 5,691 |
I don’t know about easier/ better but we’ve gifted two vehicles to 2 different people without any issues. The receivers went to their county to transfer the vehicle in their name. Instead of a bill of sale, we just did a simple-short gift letter.
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Re: Vehicle Title Transfer to Daughter-Gift or Sell
[Re: kennerdude]
#14369893
05/17/22 01:31 PM
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Joined: Mar 2008
Posts: 61,697
LoneStarSon
Private Dancer
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Private Dancer
Joined: Mar 2008
Posts: 61,697 |
I don’t know about easier/ better but we’ve gifted two vehicles to 2 different people without any issues. The receivers went to their county to transfer the vehicle in their name. Instead of a bill of sale, we just did a simple-short gift letter. Yeah, just gift it.
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Re: Vehicle Title Transfer to Daughter-Gift or Sell
[Re: TR22johnson]
#14369899
05/17/22 01:34 PM
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Joined: Dec 2003
Posts: 21,446
fishmagnet
TFF Guru
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TFF Guru
Joined: Dec 2003
Posts: 21,446 |
My MIL just 'gifted' us her Toyota Avalon due to her age and non-correctable poor eyesight. It was an easy process provided you fill out the correct form, gather signatures, and obtain a notary. Take it all to your local DMV office with a current inspection receipt, write a check for next year's registration and you're done!
DJT
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Re: Vehicle Title Transfer to Daughter-Gift or Sell
[Re: TR22johnson]
#14369908
05/17/22 01:38 PM
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Joined: May 2013
Posts: 12,220
Indianation65
TFF Guru
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TFF Guru
Joined: May 2013
Posts: 12,220 |
I just did this a few months ago.
My senior dad gifted me his car.
There are about 3 items/pages needed to be filled out. You'll need a notary. Your daughter will go to the tax office and pay the gift fee of $10 or $15, I forgot. She also get new plates.
She can simply call the tax office, get a rep on the phone, and that person will describe the exact pages/forms needed.
...!
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Re: Vehicle Title Transfer to Daughter-Gift or Sell
[Re: TR22johnson]
#14369949
05/17/22 02:08 PM
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Joined: May 2014
Posts: 5,815
PondFish
TFF Celebrity
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TFF Celebrity
Joined: May 2014
Posts: 5,815 |
The great thing is you can do most of it on-line.
Tx DMV site. Complete and print off the Affidavit of Motor Vehicle Gift Transfer. Don't sign it until you are in front of a Notary.
Complete and print off the Application for Texas Title. Your daughter will be the 'Buyer/Applicant/Owner' and you will be the 'Seller'.
Sign the actual Title over to her, Notary not needed for that..
She goes to the tax office.
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Re: Vehicle Title Transfer to Daughter-Gift or Sell
[Re: TR22johnson]
#14369991
05/17/22 02:54 PM
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Joined: Mar 2010
Posts: 2,222
thrashfish
Extreme Angler
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Extreme Angler
Joined: Mar 2010
Posts: 2,222 |
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Re: Vehicle Title Transfer to Daughter-Gift or Sell
[Re: TR22johnson]
#14370010
05/17/22 03:13 PM
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Joined: Apr 2004
Posts: 393
TR22johnson
OP
Angler
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OP
Angler
Joined: Apr 2004
Posts: 393 |
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Re: Vehicle Title Transfer to Daughter-Gift or Sell
[Re: TR22johnson]
#14370014
05/17/22 03:17 PM
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Joined: Sep 2005
Posts: 28,098
Uncle Zeek
aka "Mom"
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aka "Mom"
Joined: Sep 2005
Posts: 28,098 |
Gifting the vehicle to a specified family member (parent to child or such) only has the registration fees plus a small gift tax. Transferring it for any nominal dollar amount will result in sales tax based on the DMV opinion of value (comparable to blue book value).
Last edited by Uncle Zeek; 05/17/22 03:17 PM.
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