I am separated from my husband and have the title to the car I drive, however it is in his name. He has signed it and given it to me. I have heard that I may have to pay a large amount of tax under what is called standard presumptive value. I want to know how to avoid this if possible. Would it be better for him to show that he has given me the car as a gift? Or would this be future IRS taxes for me? Would it be legal for me to not transfer the title to my name and keep it as is, or better to go through with the transfer? My concern is that if I eventually do trade the car in, would the dealership be ok with this. Would my husband be required to be there with me? Would I end up paying the extra for the title at that time? I currently have insurance on the vehicle that I pay and the registration also. The registration is showing my husbands name but I pay the fees. Also, I am wondering about the plates, would I have to get all of this changed if I did have the title put into my name? Thank you for any answers on my situation.On transferring a car title what does standard presumptive value mean?
Some states will allow transfers from parent to child, or husband to wife, or among siblings to be tax free transfers. Since you didn't mention location, I can't tell you for sure.
Call whatever agency issues titles where you are and ask about %26quot;family gift transfers%26quot; and they can tell you if it's allowed where you are.
If it is, he can %26quot;gift%26quot; it to you saving you the tax fees. There will still be a charge to transfer title and registration into your name of course.On transferring a car title what does standard presumptive value mean?
may have to pay a large amount of tax sorry cant get a round taxes
and your legal to keep paying for what you have now so really no need in any change of that i had my dad truck for 10 yrs i just made payments and had it all never change tittle til i sold it if its legal to drive thats what matters and if you keep paying its good to drive without spending any money dotn have to change anything til you sell it and since he has sign tittle you dont need to do anything at all if you sell it but take moneyOn transferring a car title what does standard presumptive value mean?
1 ever state different
2 [your stateDMV.com or .gov ] usually gets you to the bureaucrats in power
3 most states title transfer causes %26quot;sale%26quot; you pay tax...book value
4 however you r still married [separated is still married] ask DMV about gift or transfer between spouses..may be loophole
5 you can keep registration in husbands name...it does not confer any privileges to him [title only determines ownership] id just wait till it expires and renew in your name.
you can keep title as is if you trade right away but by not doing it he still ownes the car..if it ain't in the dmv computer it ain't real
