Author Topic: Sale of car to family member in a different state  (Read 941 times)

BuckeyeFinance

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Sale of car to family member in a different state
« on: November 01, 2015, 06:50:46 AM »
My dad would like to purchase my car. He lives in Texas and I live in Ohio where the car is registered and titled.

Does he owe sales tax on the purchase? How do we determine which sales tax rate to use?

How do I calculate what taxes, if any, I will owe on the sale?

Any suggestions to save money?

SwordGuy

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  • Location: Fayetteville, NC
Re: Sale of car to family member in a different state
« Reply #1 on: November 01, 2015, 07:33:00 AM »
Sell it to him for $1.

In a totally unrelated matter, he can gift such a loving child up to $13k tax free in any one year (or maybe more, the rules change as the years go by)

 

Wow, a phone plan for fifteen bucks!