getting a title transfer

Discussion in 'OT Driven' started by asiantime, Jul 2, 2007.

  1. asiantime

    asiantime Active Member

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    Im in austin (travis county if it matters) and recently got an 03 749s off a guy from craigslist.

    How low should I be reporting the buy price at to save on taxes?
    Is it better telling them it was a gift?

    thanks
     
  2. bubbaZR2

    bubbaZR2 i poop too much, then i get tired... OT Supporter

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    tell em you bought it for 500-1000 bucks or something... I want to say the gift tax can be pricey, but not sure.
     
  3. asiantime

    asiantime Active Member

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    i tried that with the last bike i had. but they charge you at 70% of bluebook if you report the price too low.
     
  4. bubbaZR2

    bubbaZR2 i poop too much, then i get tired... OT Supporter

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    but the question is... what is too low? I bought my SV1000 which was worth about 6k, but told them i only paid 1k and I only had to pay tax on the 1k.
     
  5. Frequency

    Frequency New Member

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    When i transfered the title on my first bike the guy i brought it from said we can put down $500, when they asked why it was so low when i was registering it i said b/c it was in non working condition and well it was
     
  6. jtl090179

    jtl090179 Oh I get it, yeah. He's the girl, then you're the OT Supporter

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    um, aside from the fact that its illegal, if you go too low or get too low of a deal. they start making phone calls. the best thing to do that ive seen is that you should toss the last owner something like an extra hundred bucks to lie for you. money does miracles
     
  7. shiba

    shiba Active Member

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    half the blue book value is passable.
     

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