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Dudley DeBosier has a trusted team of personal injury lawyers who have been helping injured people in Louisiana.
December 16th, 2019
Louisiana may not see snow as consistently each winter as
other states do, but one thing we do see an awful lot of is car commercials
advertising winter sales events. While a brand-new car is a gift many of us
would be thrilled to give to our loved ones this holiday season, it’s usually
not in the budget. However, it’s not unusual to give an older car to a loved
one who needs it, any time of year.
If you are considering gifting a vehicle to a friend or
family member, here’s what you need to know.
This is the most important question you need to ask before
deciding to gift someone a car. If the person you want to give the car to only
needs help getting the money together for the purchase, then that’s great! It
will be a gift they will surely appreciate. However, if the person you want to
give the car to is not in a good financial place to afford monthly insurance payments
or gas, then buying them a car may do more harm than good.
If you are planning to gift someone a car you currently own,
you need to locate the title. If you are still making payments, then the loan
company will have the title and you will need to pay off the loan before
If you purchased your car outright or finished paying off
your loan and can’t locate the title, you can request a duplicate copy from
your local OMV, although you will need to pay a replacement fee.
The person gifting the car will need to fill out the
seller’s portion of the transfer section on the back of the title, and the
person receiving the gifted car will need to fill out the buyer’s portion. In
the field where it asks for the sales price, you may simply fill in “gift.” In
Louisiana, you will also need to:
If you are buying either a new or used car to gift to
someone, you will have four main options.
Make sure the person you are gifting the car to purchases auto
insurance. They will not be able to legally drive or register the car in their
name without showing proof of insurance.
Title-transfer requirements can vary from state to state. If
you are unsure whether to follow the requirements for Louisiana or for the
state the person you wish to give the car to lives in, always follow the rules
of the state the car will be registered in.
In the majority of cases, gifting a car will not affect your
taxes for better or worse.
Unless you are gifting a car to a charity or religious
organization, you will not be able to get a tax deduction for gifting your car.
You may be charged taxes on large gifts, but this federal “gift tax” only applies
if the value of the car you want to gift is more than $15,000. If the car is
worth more than $15,000, the giver will be required to pay gift tax and the
recipient may be required to pay a tax on the gifted car.
If you or a loved one have been injured in a car accident that totaled your car and left you unable to work, you shouldn’t need to depend on the goodwill of others to help you get back on your feet. Our team of Louisiana car accident attorneys help injury victims get the money they need after car accidents caused by others’ negligence, and we aren’t afraid to take your claim to court if the insurance companies try to reduce your benefits or deny you compensation. Call today for a free consultation.