I want to re-title a bike that I acquired two months ago into me name. Not being registered or insured.
What’s the process? Do I have to pay any sales tax? (especially if it was a trade)
Fees?
I think you still have to pay tax, as it asks if it was a trade and what was the value of the trade etc.
Well the thing is poor cond, so I’m not paying dick in taxes.
I don’t think you have to pay taxes if it was a straight trade, only if money was traded on top. Just like when you trade in a car and you do not have to pay the taxes for the value you received for your trade in. if it’s not registered you cannot insure it so i would think for just a title you may be okay
thats not correct.
you have to pay taxes on trades private party. a trade in takes place at a dealer and is different. I know all this because i was going to trade the viper in the fall but taxes killed the deal.
Boom.
your best bet is just to say you bought it for $100 or something. The taxes you pay are based on either the book value of the item or the value of what you traded. So if I were you i’d leave the trade part right out of the paperwork and just put you paid $xxx. Where $xxx is the value of the complete piece of shit that you gave him.
either do what wyane said or put it as gift… $100 will be $8 sales tax and gift will be $0. no ones gonna give a shit, i cant count how many times ive gifted shit from stuff ive bought from friends/family/ext
that only works for family purchases. if its a gift from someone else you gotta pay book value tax!!!
ive never paid book value taxes in my life on a gift and ive bought from others aside from family.
^ believe it or not, it often depends on the mood of the person at the DMV. sometimes they let it slide, other times they give you shit.
If i dont get the results i want from one DMV I’ll stop the transaction and go to another.
yeah i didn’t even think dealer vs private party. I can see that
no shit… definitely worth a shot then! I just know the form says if its not fam you gotta pay book value tax.
I actually used to put $1 and the lady says why dont you just put gift? This way you dont have to pay anything lol… i was like sureee.
That 7-8 cents must have been killing you, Dave…
Why doesn’t new owner title bike?
This is what I was told by the DMV DragonLady at Schoharie, back when I put that pile of an rx7 on the road.
PISSED bro, had to break a $20!
lol
You can insure anything.
I’ve insured cars I’ve never even seen before before I drove down to pick them up and drive them back.
Registration isn’t a prerequisite for insurance, it’s the other way around.
You could do a ‘title only transfer’ in Arizona. I did this on the Viper when I bought it, didn’t have to pay taxes or anything, just like a 40 dollar title transfer free.
Then I brought it to NY and registered it tax free…