Or make that almost-spouse. We’re not married, but probably count as common law married.
I have a motorcyle that almost-Mr. Athena is interested in buying. We’d like to transfer the title over to him, register and insure it in his name, and he’d get a loan in his name so I can pay off my loan on the bike. We’re not quite sure how to do this - if we go through a normal deed of sale type of thing, he will have to pay tax on the entire purchase price, right? Is there a way to easily transfer title of a vehicle over to a spouse without going through the whole official purchase thing that you’d do with a stranger?
We’re also open to stuff like putting the bike in both our names. What it comes down to is that I need to pay off a loan I have on the bike, and he’d like to have his name on the title. Any suggestions?
This will vary from state to state. My suggestion would be to go ask the County Clerk’s office or Department of Vehicle Regulation (or whatever office issues Motor Vehicle Titles in your state). They should be able to tell you.
How much? If you list it as a gift on the transfer, you may have to pay sales tax based on their book value. Strange thing is, if you list a sales price of $100.00 you only pay the state tax.
In any case, you have to pay transfer fees & smog if required.
In Ny, you have to pay sales tax if you list a selling price, and if you say it’s a gift you need an special form. Either on that form or on the title transfer form, there’s a box to check if the gift is between certain relative (parent-child, spouses etc) that eliminates the information required for other gifts.