January 15, 2024 - Cash Cars Buyer

Selling a Car to a Friend for $1: A Comprehensive Guide

January 15, 2024 by Tom Harbid

Quick Answer: Selling a car to a friend for $1 is legally possible but involves important considerations. To ensure a smooth transaction, both parties should understand the implications, and the process should be well-documented. Factors to consider include sales tax, potential gift taxes, and adhering to the official gifting process. 1. Ownership and Loan Status … Read moreSelling a Car to a Friend for $1: A Comprehensive Guide

Is it Better to Gift a Car or Sell it for $1?

January 15, 2024 by Tom Harbid

Quick Answer: Gifting a car is generally the better choice due to potential tax implications and the smoother transfer of ownership. Gifting involves transferring the title to the recipient, while selling for $1 may still incur sales tax based on the car’s fair market value. Gifting a Car vs. Selling it for $1: A Detailed … Read moreIs it Better to Gift a Car or Sell it for $1?

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