May flip a car, can I avoid paying tax?
#1
May flip a car, can I avoid paying tax?
Hey,
I'm going to be buying a car that I found a decent deal on because it has some mods that I want, so I was going to spend a day swapping the mods on that car with the stock parts in my car, thus bringing it more or less back to stock, and making my car badass.
Now the thing is I'm still not 100% sure what I'm going to do after... I was going to sell it but now my friend said she may want it once I'm done with it. So basically I don't want to transfer ownership and pay tax if I'm going to sell it again a week later.
Theoretically if the old owner was to sign the registration and leave it blank for me, then if I sell it in a week I can fill out the new owner's info, thus bypassing me as an owner. But I don't think most people like signing blank documents, so it's not a very realistic idea.
Is there any (somewhat legal hopefully) way for me to do this? It's a 97 Civic so the book value should not be much ($1000?), but still, if I can avoid paying an extra $70 then why not, right ?
Thanks.
I'm going to be buying a car that I found a decent deal on because it has some mods that I want, so I was going to spend a day swapping the mods on that car with the stock parts in my car, thus bringing it more or less back to stock, and making my car badass.
Now the thing is I'm still not 100% sure what I'm going to do after... I was going to sell it but now my friend said she may want it once I'm done with it. So basically I don't want to transfer ownership and pay tax if I'm going to sell it again a week later.
Theoretically if the old owner was to sign the registration and leave it blank for me, then if I sell it in a week I can fill out the new owner's info, thus bypassing me as an owner. But I don't think most people like signing blank documents, so it's not a very realistic idea.
Is there any (somewhat legal hopefully) way for me to do this? It's a 97 Civic so the book value should not be much ($1000?), but still, if I can avoid paying an extra $70 then why not, right ?
Thanks.
#2
You can just talk to the seller and see what he says. If you explain it to him that you will be stripping it of some parts and reselling it soon he should be fine. When I went with my good buddy to get his car, the owner just signed it and gave the ownership.
#3
on the UVIP, just don't sign your name. Pay the owner, take the car home, work on it, then work out a price with your friend. When she's ready to buy it, have her put her name on the UVIP.
You don't need existing owner at the MTO. you just need new owner, signed UVIP, cert, etc.
now show us those MODs!!!
lolz
You don't need existing owner at the MTO. you just need new owner, signed UVIP, cert, etc.
now show us those MODs!!!
lolz
#7
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