Question about Auto Sales... - FMVperformance.com : The site for all your Ford Mazda and Volvo needs
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post #1 of 16 (permalink) Old 09-14-2004, 12:26 AM Thread Starter
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Question about Auto Sales...

Is it legal to "sell" someone a car for $1?

I mean, I want to get rid of my Maxima - but the tax situation and other possible liabilities make it seem more of a hassle than its worth.

The car has a Blue Book value of about $1800.

I'd like to complete a bill of sale where I value the car at $1 - can I do that?


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post #2 of 16 (permalink) Old 09-14-2004, 12:44 AM
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Question about Auto Sales...

Sure, it's legal. But remember, if that person ever wants to sell the car, they'll have to pay gains taxes on it based on the difference between the sales price and $1. (Probably 20-25% of that sales price will go to the IRS)
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post #3 of 16 (permalink) Old 09-14-2004, 12:45 AM Thread Starter
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Question about Auto Sales...

I think this car is going out for parts anyways...

The cost to replace these bastard fuel injectors is > the cost of the car.

It's like a liability instead of having any monetary value now

Freaking Maxima


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post #4 of 16 (permalink) Old 09-14-2004, 12:46 AM
dhl
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Question about Auto Sales...

Will it be to family or to strangers?

My 2004 Mazda3i Totaled 10/15/2008. R.I.P.

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post #5 of 16 (permalink) Old 09-14-2004, 12:47 AM
dhl
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Question about Auto Sales...

Quote:
Originally Posted by "holeydonut"
I think this car is going out for parts anyways...

The cost to replace these bastard fuel injectors is > the cost of the car.

It's like a liability instead of having any monetary value now

Freaking Maxima
Donate it ---> https://www.cancer.org/asp/donate/do...reen=don_4_1_1

My 2004 Mazda3i Totaled 10/15/2008. R.I.P.

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post #6 of 16 (permalink) Old 09-14-2004, 12:58 AM Thread Starter
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Question about Auto Sales...

Quote:
Originally Posted by "dhl"
Will it be to family or to strangers?


hmmmmm, what's the difference? (like, he could be my cousin.................. maybe.............)


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post #7 of 16 (permalink) Old 09-14-2004, 01:44 AM
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Question about Auto Sales...

I know my insurance company allows you to give your vehicle to a family member as a "gift" without any tax implications.


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post #8 of 16 (permalink) Old 09-14-2004, 01:50 AM
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Question about Auto Sales...

Quote:
Originally Posted by "FrostyFire"
I know my insurance company allows you to give your vehicle to a family member as a "gift" without any tax implications.
Last I checked the insurance company doesn't have much of a right to control tax implications
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post #9 of 16 (permalink) Old 09-14-2004, 02:06 AM
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Question about Auto Sales...

Welcome to British Columbia and the government owned Insurance Corporation of British Columbia. (ICBC).


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post #10 of 16 (permalink) Old 09-14-2004, 09:17 PM
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Question about Auto Sales...

Quote:
Originally Posted by "FrostyFire"
... government owned Insurance Corporation of British Columbia. (ICBC).
We need some of that in Ontario. Left to their own devices, insurance companies milk you like a farmer goes at it with a cow.

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