Is it legal to buy a car from a family member for a very low price? I.e. writing 50 dollars on the bill of sale/title

is it legal to buy a car from a family member for a very low price? I.e. writing 50 dollars on the bill of sale/title

pic unrelated

Why wouldn't it be?

This is America, isn't it?

In my state it's legal to gift a car to a direct family member and avoid paying tax.

Check your laws, famberlamps.

And that's how I got my first shitbox

well the purpose of the written sale amount is that it determines what you pay sales tax on. I've bullshitted it before, i.e. $1500 for a Jeep worth $6000 and $3000 for a CR-V worth $12000. but I always just say I bought it with a blown engine or something like that to make it more believable. if they deem your price unreasonable or falsified, they can charge you tax on whatever book value of the vehicle is.

No problem. Some states will tax you based on what they think it's worth though.

Meant for OP

This OP, most states will let you gift a car to a family member

Checking your own state's laws is the right move. In my state they tax the amount of money that changes hands, so if you trade stuff for a car and no money actually changes hands, there's no tax.

depends on where you live, here in maple shack town i can get 1 free car from a direct family member per year or some shit

I bought my truck from a family member for $1500 but I wrote that I bought it for 500 to pay cheaper taxes. Not sure if it's legal but it's not hurting anyone :^)

I did this but said i paid $500 for a car I got for $3.3k that is actually worth $5.5k

The DMV valued mine at $3500 and didn't ask any questions about the sale price

Doesn't matter if it's family or not, you can put whatever you want. I bought my car for $1650, but only $200 as far as the DMV is concerned. My brother did the same with his $5000 car, he only put $500

My country does not ask how much I paid/got

checkmate, freedom

>is it legal to buy a car from a family member for a very low price?

It's not legal if you are doing it to hide or divest property immediately prior to a divorce settlement. Similarly, selling assets to family members and friends for unreasonably small amounts prior to declaring bankruptcy is typical grounds for a fraud investigation.

My state only charges you taxes for the car when you put it on the road the first time. But they charge a fee for title transfers and will charge you extra if you don't transfer the title officially within 6 months of buying the car.

Depends where you live. Though, when you pay for tax on the car it will be the value of the car, not the $50 you spent on it.

Though, as long as no one reports it (your family member) then typically no one gives a shit. Just go to a notary and have the title transferred and you're done.

This, though there may be limits as to which relationships count.

You could tell the family member you are buying it from to for example pull out a spark plug and sell it as damaged.

why would that be illegal you retarded faggot? people are free to sell or purchase a car at any price they like

kys

I bought a car for 18k and wrote down 18k. I still only paid 300 in taxes. Gotta love South Carolina.

Are people not allowed to sell their own private property at whatever price they want to?

In the UK, yes. You don't pay sales tax on used cars, and only a registration fee for a new car.

Hell, you can just give it away if you want. There's no price on the transfer of ownership paperwork. Buying a used car can be as easy as filling out a sheet of paperwork, signing it, handing over a fistful of cash, and driving away.
That's how I sold my first car, although they wanted a receipt. Which I scrawled out on a sheet of paper, signed, and had them sign.

In Germany it's actually the only way. Cars can't be gifted and you actually HAVE to have a bill of sale of any amount of money. Got my grandpa's old car for 1€.

You can gift your family members the car. Some tag places are stingy about it and will ask for proof of lineage or some shit. Other places are cool and will usually stamp it if the last names match up.

>sell car to someone
>I offer to report $500 on the sale to save on taxes
>he declines and reports the full $2300
>1991 Volvo 240

What a fucking cuck.

>tfw kbb value of my car was a negative number and the DMV paid me tax

I've lied on every single used vehicle I've bought and nobody gives a shit. I'm sure the dmv knew, but it's not like they can prove you lied anyway.

all three of my cars in the past 2 years were "$500" as far as the government knows