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Gifting a car to your son
If I want to give my car to my son and transfer title what price do I put down. Free? $100?. Will he have to pay taxes on blue book price of car. If I sell for $100 would I have to pay taxes on what I sold. Not sure of the easiest way to do this.
Attorney answers (1)
Reputation Level 9
Answered over 2 years ago.
Contracts / Agreements Lawyer in Seattle, WA.
Washinton imposes a tax on the sale. For answers, see: http://www.dol.wa.gov/vehicleregistration/useta...
That should answer a lot of your questions. The parameters for gifting cars appear on that page.
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