Quote:
Originally Posted by samwoo2go
there is a annual limit of $12K for tax free gift to 1 person, which means you can't claim "gift" if the value is way over 12K.
on not declaring true value, the DMV will want to see the bill of sale.
Now on a cash purchase (even if you got a loan it can still be a cash purchase. as long as you got the check first and then paid the seller cash later in 2 separate moves.) its ease to do, because the bill of sale is bascially just a piece of paper signed by both buyer and seller and the price on it. (so this means you can write anything you want. and if it is obvious that the vehicle is worth more, like you bought an Enzo for $5000, DMV might ask why, then you just have to say, its a friend thats hooking you up.)
If you meet up at a bank and did the whole thing in 1 step with the bank's help, you will have problems because the bank becomes the witness to the sale and they will draw up the bill of sale and you are stuck with whatever that amount is)
Disclamier
Im NOT teaching you how to cheat taxes and Im NOT encouraging you to either. Im simply an information machine. What you do on your own I do not care.
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Oh wow thanks bro thats freakin smart. You think sellers would agree to this though?