Hello all, I am about to register a vehicle that was given to me (as in free). Will I be in any kind of trouble with the state/BMV if I put the selling price as $0? I've heard from a friend that it could be bad news for me. Thanks.
Posted: 6/24/2004 3:53:47 PM EDT
[#1]
Just tell them you got it as a gift. The DMV will most likely charge you sales tax on fair market value when you register the vehicle.
Posted: 6/24/2004 8:58:47 PM EDT
[#2]
Ok, thanks
Posted: 6/25/2004 4:04:49 AM EDT
[#3]
Thats how its done in NYS as well.
Posted: 6/25/2004 5:16:33 AM EDT
[#4]
In NY if the vehicle was given to you as a gift there is a DMV tax exemption form that needs to be executed by the current and or original owner. In NY you are not required to pay sales tax on the gift of a motor vehicle.
