Sales Tax on car received as gift in CT?
My friend is leaving the country for good and he is willing to give me his 13 year old car for free. I have purchased insurance for that car. Now I would like to change the title in my name. Also, I don’t have spare plates so I need to register the car. In doing so do I have to pay sales tax to the DMV even though I did not pay my friend any money? I am in the state of Connecticut. I raise this question as I heard in NJ if you receive a gift, you do not have to pay taxes, even from someone out of your family.
There is a method to transfer vehicles between family members tax free, see http://www.ct.gov/dmv/cwp/view.asp?a=810&Q=245084&dmvPNavCtr=|27892|#27897
But since this is a friend, This doesn’t apply, and the rule becomes this:
The taxable price is based on the total considerations (cash, property, services, assumption of seller’s debt, etc.) in the transaction. Hence if a vehicle is purchased through other considerations besides money alone (such as through service provided to the transferor), the transferee is taxed on the book value of the vehicle.
You will pay taxes on the book value.
Hudson Toyota of Jersey City, NJ “IF YOU NEED A CAR, YOU’VE GOT A HERO!”
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