Best way to gift/sell car to my teen?

1,053 Views | 6 Replies | Last: 9 mo ago by Gabriel Belmont
Gabriel Belmont
How long do you want to ignore this user?
AG
I'm wanting to gift or sell my car to my teenage daughter, but can't figure out the best way to do so to avoid overpaying on taxes for her. Need to do so b/c I'm in DFW and she lives with her mom in Houston so needs to be insured there under her mom.

Selling her something I could sell elsewhere for around 25k, but hoping I could just charge her a dollar. Looking at the comptroller site I don't think she qualifies for a tax free gift, but they also say to just call.

Anyone been through this before and have some recommendations?
Rexter
How long do you want to ignore this user?
It's only $10 tax to give your car to your kid.
dodger02
How long do you want to ignore this user?
AG
https://www.txdmv.gov/motorists/buying-or-selling-a-vehicle

Dude. Google.
mefoghorn
How long do you want to ignore this user?
AG
Just tell her it's hers. I don't think she can hold the title until maybe 18 maybe even older.
rme
How long do you want to ignore this user?
AG
You may not want to, but you can still insure it.
FIDO*98*
How long do you want to ignore this user?
AG
Why the need to sign over the title? My kids drive cars I gave them but it's never even occurred to to have the title transferred. Once they graduate college and are on their own I'll look into it

Rexter is correct. You can gift your children without a tax penalty
Gabriel Belmont
How long do you want to ignore this user?
AG
Thanks for the replies all. My confusion started when the comptroller office website only posted spouse and co-owners as eligible for the $10 gift. Shouldn't be surprised government websites might give conflicting info.
Refresh
Page 1 of 1
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.