Just will add this and use New York for an example:
She's in NY, right?
I give one of my paid for vehicles with a book value of $30k to a cousin.
I give him a bill of sale with necessary details, VIN# , model and make etc.. and
for price I put it is a gift. I also sign back of my clear title and give to him.
New York DMV has a form where there is a box to check if car is a gift and not sold and also asked relationship....so I would put down gift to cousin.
Cousin now registers car at DMV in his name to get registration and title and plates and he is now EXEMPT from paying any sales tax on the car as it was received as a gift...
He gets plates, puts them on and now owns car.
Done Deal
Has nothing to do with his tax returns.
And he even avoids paying NY Sales Tax on the car due to it was a gift and not a sale where he paid me $30k for the car. Then he would have to pay sales tax on the $30k to The State of New York.( and that is really double taxation as I had to pay sales tax on the car when I bought it...but that is not what this subject is about )
Here is the form..go down about half way and you will see section to use when giving your car as a gift.
»
www.nysdmv.com/forms/dtf ··· 2_01.pdf*****Just want to add this gift form is to be used when a car is actually gifted and not for a way to try and avoid paying sales tax on a real sale..( money was paid for the vehicle ) *****Your State may vary on gift of a vehicle procedure.