Chargers Value (for CA DMV purposes)

[MadScientist]

Hey all,

Ive been restoring "my" Charger (which is in my brothers name) for the past 6 years.  The car was bought out of a yard in Denver and restored mostly in Denver where he lives (which is why it remained in his name).  Still has CO plates.  for registration in CA, what value do I state for it? Purchase price or restored value?

I know its a dumb question but the DMV site is uselss.

MS

[Bandit72]

in kansas they use purchase price

[68chrgrwife]

put that it was a gift, because if you put either the purchase price or the real value that is what you pay in taxes on it.  Put that you got it for a penny.  We are going through the same thing here.  the guy we bought it from wrote in the purchase price and now we have to pay taxes on it.  (we live in Ca).

[skip68]

68chrgwife is right. Have your brother write a bill of sale out as a gift and you pay 0 taxes. DMV might have a special form for that so ask at DMV. Good luck.   Chuck..............

[LivedodgeItaly]

gift !!!!!!!
why no one makes me such a present 

Andrea

[Fitz73Chrgr]

I think they won't charge taxes for anything under $1000(?).  Thats in Missouri though.

[Bandit72]

wow, if you say it was a "gift" here, you have to pay a gift tax...i can't remember how much it is right now though

[68chrgrwife]

I think they won't charge taxes for anything under $1000(?).  Thats in Missouri though.

I had to pay and we put $500 for my neon.  You have to put a penny or less.

[MadScientist]

Cool. thats what I was looking into (the gift route).  Makes sense to me. 

MS

[Fitz73Chrgr]

I think they won't charge taxes for anything under $1000(?).  Thats in Missouri though.

I had to pay and we put $500 for my neon.  You have to put a penny or less.

What state?

[68chrgrwife]

I think they won't charge taxes for anything under $1000(?).  Thats in Missouri though.

I had to pay and we put $500 for my neon.  You have to put a penny or less.

What state?

California

[Fitz73Chrgr]

I think they won't charge taxes for anything under $1000(?).  Thats in Missouri though.

I had to pay and we put $500 for my neon.  You have to put a penny or less.

What state?

California

I guess he better go the gift route then

[68chrgrwife]

I think they won't charge taxes for anything under $1000(?).  Thats in Missouri though.

I had to pay and we put $500 for my neon.  You have to put a penny or less.

What state?

California

I guess he better go the gift route then

usually works.  we also use an outside place that will tell us how much we will pay in different ways.  Paying full purchase pricce. KBB, or as a gift (sometimes they will pull kbb or gifts, but kbb for the charger will be about 200.  lol even though we all know they are worth more.  that's why you use collectors insurance vs. regular insurance. 

[justin1987]

I think they won't charge taxes for anything under $1000(?).  Thats in Missouri though.

Oklahoma has the same law.

[68charger383]

The purchase price 6 years ago. The restored value is the value it is worth now.

[John_Kunkel]

From the DMV site:

http://www.dmv.org/ca-california/title-transfers.php#Transfer_Between_Family_Members

[Big Lebowski]

put that it was a gift, because if you put either the purchase price or the real value that is what you pay in taxes on it.  Put that you got it for a penny.  We are going through the same thing here.  the guy we bought it from wrote in the purchase price and now we have to pay taxes on it.  (we live in Ca).

  Yep, because it's transfered to a family member, they get nothing except for about $45 for fees.