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?
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?