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Old 02-28-2013, 09:34 PM   #1
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Question Regarding Trading Vehicles

I live in NC and I'm about to straight trade my 2003 Acura for an 01 Tacoma that's in SC. This is the first time I've traded vehicles with anyone and I don't exactly know the details about doing so. I figured we just meet up and sign over titles/write up a bill of sale. For the sale price do I put traded/gift/$1? Also, does anyone know if sales tax would be applicable in a situation like this? I know in NC the tax when purchasing a vehicle is 3% the purchasing price, so is it possible to put $1 as the purchasing price?
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Old 02-28-2013, 09:57 PM   #2
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Sales tax applies. DMV doesn't care if it's cash or cabbage, they care about the value.
For the taxable amount and the amount on the bill of sale, indicate payment as (vehicle description) valued at $xx,xxx
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Old 03-01-2013, 06:47 AM   #3
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in NY if you try and put gift or $1 they will blue book the vehicle and charge you the appropriate tax.

You cant beat uncle sam.

If its worth $10k, put $6-7-k an dhope for the best but expect to pay tax on 10k
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Old 03-01-2013, 08:23 AM   #4
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I traded motorcycles and Iowa let me gift it. Call the registration office and ask them. I told them it was a gift from a friend. Iowa is pretty slack, we don't need a bill of sale so gifting is easy.
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Old 03-01-2013, 08:33 AM   #5
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Quote:
Originally Posted by packfan88 View Post
in NY if you try and put gift or $1 they will blue book the vehicle and charge you the appropriate tax.

You cant beat uncle sam.

If its worth $10k, put $6-7-k an dhope for the best but expect to pay tax on 10k
I think NC does the same.
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Old 03-01-2013, 08:38 AM   #6
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Quote:
Originally Posted by packfan88 View Post
in NY if you try and put gift or $1 they will blue book the vehicle and charge you the appropriate tax.

You cant beat uncle sam.

If its worth $10k, put $6-7-k an dhope for the best but expect to pay tax on 10k
MA tried to do that to me with a trailer I bought. I had a receipt for $50 for the trailer but KBB was around $800. I told them it was in really rough shape and needed a lot of work so I ended up paying tax on the $50. I have to pay the excise tax on what they think the value is though, which is closer to $600.
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Old 03-01-2013, 08:53 AM   #7
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Just called the DMV, in nc we have a highway tax cannot be avoided The rep I spoke with said they'll base that tax off the price of the vehicle but it won't be anymore than 150. Thanks for the answers guys! Glad to be getting back into a tacoma.
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Old 03-01-2013, 11:03 AM   #8
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Same in California. If the DMV rep thinks the vehicle is too cheap, they'll charge based on KBB. If you're going to cheat, make it reasonable. $2000 or more will generally make it under the radar for older used cars, but 8-10k might be wiser for this situation.
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Old 03-01-2013, 02:22 PM   #9
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Thank's Rich. I'll let you know what happens.
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