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Old 08-27-2012, 04:14 PM   #1
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Transferring Title Question

Not sure where this fits in so mods fee free to relocate it.

Years ago my wife helped my cousin get a bike by co-signing at the dealership. Fast forward 6 years and the bike is still not paid off and he has not ridden it in years. So I finished paying it off for him and he gave me the bikle but now I need to transfer the title. In the good old days I would tell DPS or whoever it is who handles titles that I paid $1 for it so I would not have to pay a bunch of taxes on it but I do not think it works the same way now. What are my options to keep from paying a load of taxes on this thing? The title is in his name only.
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Old 08-27-2012, 05:29 PM   #2
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1 You have to have insures on the bike.
2 You need a bill of sale or tell him to go with you to the court house with you.
3 The tax is going to be around 8% of what you paid for the bike then they will add an additional 30 dollars for application fee.
If you tell them you bought the bike for a dollar they will still charge you for how ever much the bike is worth in taxs... I tried do the with my car lol.
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Old 08-27-2012, 06:26 PM   #3
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Insurance is no issue.
What if my bill of sale is less than what the bike is worth? I could have paid $500 for a frame only for all they know. How do they figure out what the bike is worth in taxes?
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Old 08-27-2012, 06:35 PM   #4
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Quote:
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Insurance is no issue.
What if my bill of sale is less than what the bike is worth? I could have paid $500 for a frame only for all they know. How do they figure out what the bike is worth in taxes?
Don't be a cheap by trying to rip-off Texans
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Standard Presumptive Value (SPV) is used to calculate sales tax on private-party sales of all types of used motor vehicles purchased in Texas. It is also used to calculate use tax on motor vehicles brought into Texas. For more information please visit Private-Party Purchases and Standard Presumptive Values.
http://www.window.state.tx.us/taxinf...veh/mv_su.html
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Old 08-27-2012, 07:45 PM   #5
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it does not matter how much it says on the bill of sale, DPS has a chart to go by to calculate the tax for all the bikes...
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Old 08-27-2012, 07:50 PM   #6
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Quote:
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it does not matter how much it says on the bill of sale, DPS has a chart to go by to calculate the tax for all the bikes...
Hey! Didn't you see my post?!













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Old 08-27-2012, 07:58 PM   #7
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Quote:
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Don't be a cheap by trying to rip-off Texanshttp://www.window.state.tx.us/taxinf...veh/mv_su.html
I knew that was was going to happen.

Since I paid off the balance financed and the taxes were rolled into the financing I have already paid the taxes once so I'm not ripping off any Texans. If anything I'm getting ripped off since I will have to pay taxes on it again when the title gets transferred. I have no issue paying some taxes but the value of the bike is not worth what the book says, I was simply trying to figure out how they determine the taxable value. So how do they determine SPV?
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Old 08-27-2012, 07:58 PM   #8
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lol Yeah they will figure it out.
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Old 08-28-2012, 09:33 AM   #9
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If a title transfer is between immediate family members then you can declare as a gift and pay only $10 gift tax. So your wife's cousin would need to gift transfer to a grandparent in common, then another gift transfer from grandparent to your wife. You'll pay transfer fees for each title change but probably still cheaper.

Only other alternative is like Bevo said, SPV. Minimum tax is 6.25% of 80% of SPV.

_
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Old 08-28-2012, 09:51 AM   #10
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When my dad dad transferred the title of his Accord into my brothers name, even though it was a gift for graduation, my brother still had to pay the SPV tax...it was only $250 or so since its an older accord.

This happened literally two weeks ago, so be prepared to pay a tax no matter what
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Old 08-28-2012, 10:09 AM   #11
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Quote:
Originally Posted by Dumptruck View Post
I knew that was was going to happen.

Since I paid off the balance financed and the taxes were rolled into the financing I have already paid the taxes once so I'm not ripping off any Texans. If anything I'm getting ripped off since I will have to pay taxes on it again when the title gets transferred. I have no issue paying some taxes but the value of the bike is not worth what the book says, I was simply trying to figure out how they determine the taxable value. So how do they determine SPV?
I guess you can't click on the link, so, you're welcome

SPV is a value of a motor vehicle as determined by the Texas Department of Motor Vehicles (TxDMV), based on an appropriate regional guidebook of a nationally recognized motor vehicle value guide service. Values are based on the average sales price of private-party sales of used vehicles sold regionally. The condition of the vehicle is not used to determine the SPV.

In addition to vehicles sold by dealers, the SPV calculation does not apply to salvage vehicles; abandoned vehicles; vehicles sold through storage or mechanic's liens; vehicles eligible for classic car and classic truck license plates; vehicles transferred in even trades; vehicles transferred via eligible gift; or vehicles sold by Texas governmental entities or the United States.

A used vehicle's SPV is available on the TxDMV website at http://www.txdmv.gov/vehicles/titles...umptive_value; however, the taxable value is calculated by the county tax assessor-collector on the day of titling and registration. Tax is calculated on the greater of the actual sales price or 80 percent of the SPV shown for that day.

A purchaser who pays less than 80 percent of the vehicle's SPV may obtain a certified appraisal on Form 14-128, Texas Used Motor Vehicle Certified Appraisal (PDF, 269KB) . Tax will be calculated on the appraised amount; however, the tax cannot be computed on an appraised value that is less than the purchase price. The certified appraisal must be completed within 20 county working days of the purchase date or the date a vehicle is brought into Texas. A certified appraisal may be obtained from a motor vehicle dealer licensed for that category of vehicle or from a licensed insurance adjuster. The dealer must charge a fee according to a set schedule outlined in Paragraph (d)(4) of Rule 3.79. A licensed insurance adjuster's fee is not subject to a set schedule. An appraisal obtained from a motor vehicle dealer must provide a significant reduction in taxable value to overcome the dealer's fee and provide net savings for the purchaser.

It is possible for the purchaser to obtain an appraisal, even if the purchaser has already paid tax on the SPV. If the purchaser obtains a favorable appraisal within 20 county working days of the purchase date or the date the vehicle is brought into Texas, the purchaser may then seek a refund of the difference in the tax paid by completing a Texas Claim For Refund of Motor Vehicle Tax, Form 14-202 (PDF, 128KB), and sending the requested documentation as stated on the form, along with proof of tax paid to Texas and a copy of the purchaser's certified appraisal on Form 14-128, to the Comptroller's office. The Comptroller's office will review all documents received and determine whether the refund request may be granted or denied. The refund process takes 6 to 8 weeks.

The refund form, 14-202, and the appraisal form, 14-128, are both available on our website.
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Old 08-28-2012, 10:14 AM   #12
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Quote:
Originally Posted by flip326 View Post
When my dad dad transferred the title of his Accord into my brothers name, even though it was a gift for graduation, my brother still had to pay the SPV tax...it was only $250 or so since its an older accord.

This happened literally two weeks ago, so be prepared to pay a tax no matter what
Then your father didn't follow procedure. I gifted a car to my son

The "$10 Gift Tax" only applies to a person who receives the vehicle from a:

•Spouse
•Parent or Stepparent
•Grandparent or Grandchild
•Child or Stepchild
•Sibling
•Guardian
•A decedent’s estate
•A vehicle donated to or given by a Nonprofit IRC Sec. 501(c)(3)

On the title application, the recipient who qualifies should check the "$10 Gift Tax - Affidavit required. Use Comptroller Form 14-317." box found in Section 21. The recipient will have to provide proof of auto insurance at the county tax office to register the vehicle.
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Old 08-28-2012, 10:22 AM   #13
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If I was a co-signer I'd sure have my name on the title
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Old 08-28-2012, 10:28 AM   #14
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He got effed then because he checked $10 gift tax on the 130u form and the lady said they still had to pay the SRP.
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Old 08-28-2012, 10:33 AM   #15
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Not trying to be mean to the OP or anyone, but you never co-sign on a loan for anyone in the first place! All the people that wanted me to co-sign for them in my life (I think 2) went and found other people that would and they all got burnt.

I would check my credit. Since you are the co-signer it will affect your credit as well.
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Old 08-28-2012, 10:33 AM   #16
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Quote:
Originally Posted by flip326 View Post
He got effed then because he checked $10 gift tax on the 130u form and the lady said they still had to pay the SRP.
Yes he did or they didn't have all their ducks in a row. The gift form has to be notorized. Here's the correct form with instructions. Must have proper ID as well

http://www.window.state.tx.us/taxinf...rms/14-317.pdf
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Last edited by Bevo; 08-28-2012 at 10:36 AM.
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Old 08-28-2012, 10:37 AM   #17
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Old 08-28-2012, 10:39 AM   #18
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Quote:
Originally Posted by Dumptruck View Post
Not sure where this fits in so mods fee free to relocate it.

Years ago my wife helped my cousin get a bike by co-signing at the dealership. Fast forward 6 years and the bike is still not paid off and he has not ridden it in years. So I finished paying it off for him and he gave me the bikle but now I need to transfer the title. In the good old days I would tell DPS or whoever it is who handles titles that I paid $1 for it so I would not have to pay a bunch of taxes on it but I do not think it works the same way now. What are my options to keep from paying a load of taxes on this thing? The title is in his name only.
Your cousin legally owns the bike. Yes you paid for it, but that is the agreement you make when you co-sign a loan.

You will have to pay taxes on the presumptive value of the bike. The DMV will put the VIN into the computer and tell you what that value is. They have a calculator on their website. If they tell you that you have to pay back regristration fees, tell them that the bike has not been used while it was out of regristration.

If you have to do any work on it, you can get a title without regristration, but you will still have to pay the taxes and also have to get it registered before you can ride it on the street. You don't need proof of insurance to get title only, but do for registration.
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