2017 Honda Civic - How To Gift A Car?
AlexBenjamin
on 26 January 2023
Hi, I'm new to the group and wanted to ask how to gift a car. Is it best to sell or gift?
I'm shifting from San Francisco to UK and I have a friend who lives in California. We are very good friends from a long time, and I trust him completely. As I'm leaving united states, I no longer need my car, so what is the best option to sell it or gift a car? How to do it? Also, I was told that It has some tax benefits too.
Can anyone guide me here.
Comments
Ana William on 28 January 2023
Suppose you are thinking of gifting a car in California to a family member. In that case, it is an excellent idea as it can help you avoid taxes and expenses related to the vehicle transfer. But remember to keep in mind that you’ll still need to pay vehicle title transfer and registration fees and complete a Statement of Facts to confirm the gift. You also need to remember that different states hold their kind of laws and regulations. So, before you make up your mind about gifting a car, go through every possible information in detail.
source: www.irs.gov/instructions/i709
www.mountshine.com/gifting-a-car-in-california/
getjerry.com/car-insurance/gifting-a-car-in-califo...a
Edited by Ana William on 28/01/2023 at 08:31
skidpan on 30 March 2023
Some years ago we had an older car we had no use for at the time and a friends son had need of a car but had no cash. Since the car was only worth probably £300 (it still had about 6 months MOT and was roadworthy) we simply transferred "ownership" using the V5C. Better than it simply sitting there.He used it for about 18 months before it went to the crusher.
How hard can it be.
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