I kept my car under my mom's name to get access to her incredible insurance, but I will no longer be able to do that. So, we're transferring the title of the car to me. Should I:

State it as a gift?

or

State it that I bought it from my mother for $500?



Which will result in less fees? I've already paid for every ounce of this car, including the original transfer fees, and so I don't quite feel like being "double taxed". Which is better, and if neither, what should I do?

 

gift ftw... Its your mom, they'll believe it... Whenever i get a car, put 500

 

you can say it was a gift, or you can say she sold it to you for $1.00 as long as the bill of sale says $1.00 then your good to go, to sign it under your name.

 

gift it!!!

 

gift

 

I think if you mark it down as a gift the DMV taxes it on the blue book value.

 

In NY you can't do this anymore...you pay taxes on the blue book value no matter what

 

gift FTW

 

That's because NY is the devil.

 

Isn't it like that in MA now?