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Old 09-04-2009, 03:02 PM   #21
shanecrow99
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Check this out.

HERE is a link to the actual House Bill (HB2654).

The only way to be able to claim a vehicle under the new gift tax rules - the person gifting the vehicle MUST be a spouse; parent or stepparent; grandparent or grandchild; child or stepchild; sibling; guardian; or decedent’s estate.

An affidavit HERE must be filled out by both parties and notarized to be valid.

So in your case, if a friend gave you the vehicle then it would not qualify as being a gift and then the state would figure out the taxes owed by using the "standard presumptive value" which can be calculated HERE.

With that said, if you can find a notary that would be willing to notarize the affidavit even though your friend really is not a relative then it would probably fly because the tax office isn't going to care as long as the paperwork is there. Of course, lying on a State of Texas document would be VERY illegal and the risk may not be worth it in the end.

The new "gift tax" rules are there to do two things - 1. keep the honest people honest. 2. Generate a lot of revenue for the State (speculated at about $25 million over the next two years!).
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Old 09-04-2009, 03:06 PM   #22
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Great info, esp for me who might be buying one soon.
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Old 09-04-2009, 03:37 PM   #23
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Quote:
Originally Posted by BlackWidow View Post
You sure?

So what happens when a friend (not related by blood) gives you an automobile and notarizes, is the gift tax then valid?
pay your taxes moe
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Old 09-04-2009, 03:49 PM   #24
shanecrow99
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Personally, I believe that once someone has paid taxes on a vehicle (i.e. a new car from the dealership) the State should not be able to collect taxes all over again just because a vehicle changed hands. Especially if the transaction was between two people and no dealership was involved (i.e. a private transaction). That's just my two cents.
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Old 09-04-2009, 03:51 PM   #25
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Glad I got the title to my 50 in my name for 5 dollar gift tax
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Old 09-04-2009, 08:10 PM   #26
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Old 09-04-2009, 09:21 PM   #27
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that sucks.. good thing i don't plan on buying anymore bikes! but the gift tax worked great on my ex-500, 636, and then my current zx10r
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