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Act of Donating a car in Louisiana?
Posted on 7/24/24 at 10:02 pm
Posted on 7/24/24 at 10:02 pm
My dad passed in February and succession has been completed. My mother wants to donate the SUV that she owns to me. Not sure the processes or the costs. Thanks for any help.
6
Posted on 7/24/24 at 10:07 pm to DieSmilen
She can sell it to you for $1. That seems like the easiest way. Just fill out a couple forms,title and transfer of sale maybe? Then get it notarized and head to the dmv to do the rest.
Posted on 7/24/24 at 10:07 pm to DieSmilen
if the title was in Dad’s name, you’ll need a copy of the JOP, and the executor should be able to sign the title and the Act of Donation. No cost except possible Notary Fees.
DMV will properly rape you on TTL when you register the car in your name.
DMV will properly rape you on TTL when you register the car in your name.
Posted on 7/24/24 at 10:35 pm to DieSmilen
My dad donated his car to my son several years ago. We completed the transaction at a title agency. We executed an act of donation. There was no sales tax due. We had to pay registration, title and plate fees and the notary fee.
Is vehicle registered to your dad or mom? If registered to dad then you would need a judgment of possession and the executor would sign as donor. If registered to your mom she can donate.
Is vehicle registered to your dad or mom? If registered to dad then you would need a judgment of possession and the executor would sign as donor. If registered to your mom she can donate.
Posted on 8/27/24 at 9:00 am to DieSmilen
I'm currently car shopping for my oldest child and I am considering buying a vehicle from a close friend. We are not related and are looking into a "donation" of the vehicle. Google is telling me that as long as the value of the vehicle is under $18k then there should be no issue. My question is how is that vehicle value determined? We are close to that amount and neither of us wants tax liability.
eta: I guess what I'm asking if my friend can donate a vehicle to me and then at some point I decide to donate $17,500 to them in cash is that illegal?
eta: I guess what I'm asking if my friend can donate a vehicle to me and then at some point I decide to donate $17,500 to them in cash is that illegal?
This post was edited on 8/27/24 at 9:03 am
Posted on 8/27/24 at 1:48 pm to DieSmilen
I'm sorry to hear about your dad. To transfer the SUV to you, you'll need to handle a few things: get the title signed over by your mom and check with your local DMV or equivalent authority for the specific transfer process and any associated fees. You might also need to pay taxes depending on your location. Don’t forget to update the insurance policy to list you as the new owner. It’s usually a straightforward process, but confirming the details with your local office will help ensure everything goes smoothly.
Posted on 8/27/24 at 9:33 pm to DieSmilen
Is the SUV titled in mom”s name with no lien on the title?
If so, she can complete the back of the title before a notary to transfer to you, and execute an act of donation. There is no sales tax for a donation to an immediate family member, so the donation needs to say the relationship between donor and donee. The LA OMV has a simple form for the act of donation that’s been linked in a few similar threads.
If you try to do it as a sale for $1 or other lowball price, they may call BS and charge sales tax on the fair market value as they determine. The donation is the better way to go.
If so, she can complete the back of the title before a notary to transfer to you, and execute an act of donation. There is no sales tax for a donation to an immediate family member, so the donation needs to say the relationship between donor and donee. The LA OMV has a simple form for the act of donation that’s been linked in a few similar threads.
If you try to do it as a sale for $1 or other lowball price, they may call BS and charge sales tax on the fair market value as they determine. The donation is the better way to go.
This post was edited on 8/27/24 at 9:35 pm
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