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Old 09-02-2009, 09:06 AM   #1
cdill35
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No more "GIFT TAX" as of 9-1-2009

Unless the bike was titled in a family members name, you may no longer simply pay a $15 gift tax.

Discovered this yesterday.

I have no more details other than that.
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Old 09-02-2009, 09:10 AM   #2
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salvage title....6.25% of the selling price.
clear title...6.25% of book.
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Old 09-02-2009, 10:09 AM   #3
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Quote:
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salvage title....6.25% of the selling price.
clear title...6.25% of book.
salvage title cars usually sell for less than kbb/nada book prices, but the state still taxes for ~80% of the kbb value... which i think is gay!

I got a car about 1yr ago and got it for $6500 and paid tax for a $10k car.
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Old 09-02-2009, 10:25 AM   #4
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I know it's been that way for at least 2 years. Too many people abusing it ... including myself
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Old 09-02-2009, 10:26 AM   #5
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salvage title cars usually sell for less than kbb/nada book prices, but the state still taxes for ~80% of the kbb value... which i think is gay!

I got a car about 1yr ago and got it for $6500 and paid tax for a $10k car.
there's a form to fill out for salvage titles that lowers the tax
It was too late for me when I found this out
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Old 09-02-2009, 10:27 AM   #6
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News to me. ... I suppose I abused it too much. However my last bike they never asked for a bill of sale or anything... I just told them it was a birthday gift. No questions asked.
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Old 09-02-2009, 10:34 AM   #7
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there's a form to fill out for salvage titles that lowers the tax
It was too late for me when I found this out
they never told me this.. when i asked them, they said i can go get it appraised by the insurance and then register it for the price the insurance says... but will have to pay the insurance company like $300 for that...
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Old 09-02-2009, 10:37 AM   #8
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I know it's been that way for at least 2 years. Too many people abusing it ... including myself
The git tax rule is new as of yesterday.
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Old 09-02-2009, 10:38 AM   #9
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The lady told me salvage title is 6.25 of the selling price. So put whatever in there.

Clean title is book.
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Old 09-02-2009, 10:38 AM   #10
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well that sux,
my cbr i bought was signed by a diff person(guy i bought it from) not the owner. so i have to get title transered to "guy-i-bought-it-from" then he transfers it to me. thats 6.25 percent tax paid twice on bluebook value ughh

and the messed up thing is the guy i bought it from supposedly couldnt find the title when i got the bike but he ensured me it was clear and blue,,,,,,, i paid for it and took the bike then got the title a few days later, it was blue alright just not in his name and the back was already signed
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Old 09-02-2009, 10:42 AM   #11
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Quote:
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The lady told me salvage title is 6.25 of the selling price. So put whatever in there.

Clean title is book.
Do they want to see a bill of sale?
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Old 09-02-2009, 10:48 AM   #12
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Do they want to see a bill of sale?
Dunno..ill post the facts soon. Might be picking up a salvage title bike today..got the rebuild afidavit with me + bill of sale. Ill let yall know what they say.
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Old 09-02-2009, 10:50 AM   #13
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Do they want to see a bill of sale?
i've never been asked for a bos for any vehicle. salvaged vehicles have always been 6.25% of the selling price, if they say different, you're getting shafted. you could always take the paperwork to a different courthouse.
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Old 09-02-2009, 10:51 AM   #14
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Dunno..ill post the facts soon. Might be picking up a salvage title bike today..got the rebuild afidavit with me + bill of sale. Ill let yall know what they say.
make sure the affidavit is notarized by whoever rebuilt the bike.
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Old 09-02-2009, 10:54 AM   #15
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Dunno..ill post the facts soon. Might be picking up a salvage title bike today..got the rebuild afidavit with me + bill of sale. Ill let yall know what they say.
gracias

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i've never been asked for a bos for any vehicle. salvaged vehicles have always been 6.25% of the selling price, if they say different, you're getting shafted. you could always take the paperwork to a different courthouse.
ive never been asked either, but with the changes.. i wonder if they will
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Old 09-02-2009, 10:57 AM   #16
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Quote:
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Do they want to see a bill of sale?
they don't give a about the BOS....I brought a BOS and a copy of the check used to pay for my truck and still paid tax on the KBB. I waited 3 months to register/title it and they slapped me with another $100 fee. BS.

I think they give you 30 days now to transfer or you are subject to a fine. The amount of time that passes between Date of sale and when you go over that 30 day grace period determines that fee. The longer you wait, the more you pay.
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Old 09-02-2009, 11:01 AM   #17
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they don't give a about the BOS....I brought a BOS and a copy of the check used to pay for my truck and still paid tax on the KBB. I waited 3 months to register/title it and they slapped me with another $100 fee. BS.

I think they give you 30 days now to transfer or you are subject to a fine. The amount of time that passes between Date of sale and when you go over that 30 day grace period determines that fee. The longer you wait, the more you pay.
yea i believe 30 days is correct, i just bought a DRZ, but the guy signed the title in the wrong place so i mailed him a power of attornery, hopefully he'll sign it and send it back (i even included a prepaid, addressed return envelope) quickly so i can get this thing a texas title
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Old 09-02-2009, 12:48 PM   #18
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read the back of the title, if i remember correctly, its 20 working days to transfer the title.

edit:
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Failing to title a vehicle within 20 days may result in the buyer being fined.
from here:
http://www.txdot.gov/drivers_vehicle...es/default.htm

and yes they are very strict about the 20day deal, they want their fines. no exceptions.
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Old 09-02-2009, 01:46 PM   #19
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You will be able to still do the gift tax after Sept 01 - but you will be required to fill out a notarized form saying that you are related to the person you got your "gifted" vehicle from. Still doable if you can find a notary that does not care. The paperwork is just to keep the honest people honest. People will still find a way around the new requirements.
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Old 09-04-2009, 02:39 PM   #20
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Quote:
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You will be able to still do the gift tax after Sept 01 - but you will be required to fill out a notarized form saying that you are related to the person you got your "gifted" vehicle from. Still doable if you can find a notary that does not care. The paperwork is just to keep the honest people honest. People will still find a way around the new requirements.
You sure?

So what happens when a friend (not related by blood) gives you an automobile and notarizes, is the gift tax then valid?
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