Blue Book Value Used Cars

Q.My husband's father bought my husband a car in '87. When we got married in '88 we took over the payments, and paid the car off in '91. The car's title is still in my father-in-law's name. We'd like to transfer the car to my husband's name, but his dad says we'll have to pay taxes on the blue book value of the car regardless of the price we pay him for the car (we have to "buy" the car from him as a token exchange for $1 or so to get the title transferred). Is this true (will we have to pay tax on the car's blue book value)?

A.It's possible it depends on state laws, but I did this recently and Ohio charged me 6 cents tax on my $1 purchase which was a little below blue book If in doubt call up your title office and ask them if it's purchase price or market value. If it is market value in Illinois, you may be able to get around it through gift laws. You can give up to $10k tax free, so the car may be able to be transferred tax free. State laws cover this so enforcement of a sales/use tax will vary. In Calif the Dept. of Motor Vehicles seems to accept the valuation on a bill of sale if it's not outrageously low. Writing "as is" on the sales document might help. If your state isn't picky about enforcing a use tax, maybe the car would not be taxed if a gift. Gifts are not federally taxable up to $10,000 per person.

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