Car as gift Louisiana ?
Giving my car to my brother in Texas, It has a Louisiana Title,.. Is there anything special i have to do? My uncle gave my mom a car in PA, and they had to get a "gift waiver" of some sort saying it was a gift... Couldn't i just write $10 as payment, and thats it? Give him the title and he is good to go?
THANKS!!
Baton Rouge, LA
Update:its a 2000 pontiac grand am... i dont think it retails for very much anymore lol.. what do you guys think?
Comments
Be careful. If the car markets for over $12,000 then you will need to pay a gift tax.
He also may still have to pay taxes based on the market value of the vehicle, regardless of it being a gift. It varies by state.