Inheritance Tax?

[themechanic]

I called the tag agency in Moore but they only said it would cost me $52 to register the vehicle in my name after my aunt shows them the title, proof of insurance in her name and some administrative papers like the will showing her ownership. They said I can keep Bill's metal plate or order a new one for $10 more.

 

[Roger63]

I called the tag agency in Moore but they only said it would cost me $52 to register the vehicle in my name after my aunt shows them the title, proof of insurance in her name and some administrative papers like the will showing her ownership. They said I can keep Bill's metal plate or order a new one for $10 more.

Awesome cheap enough

 

[69L48Z27]

Why don’t you ask the estate lawyer. Isn’t this what he’s getting paid to handle?

 

[steve from staten island]

Getting back to the subject, If your aunt is gifting you the car why would you have to pay any tax? Does the state know the condition of the vehicle or true value? If unsure or you have concerns consult a CPA in your state or a attorney who specializes in this area.

 

[steve from staten island]

Why don’t you ask the estate lawyer. Isn’t this what he’s getting paid to handle?

Good point

 

[themechanic]

Why don’t you ask the estate lawyer. Isn’t this what he’s getting paid to handle?

He's my aunt's lawyer (previously Bill's lawyer). So, I get info from her.

 

[hanks73340]

My neighbor left me his 71 Chrysler 300. Told his sister before he passed that I should get the car. She took his Death Certificate to the DMV and got the title in her name and then gave it to me for a $1 and signed the title over to me. DMV asked how much I paid for it and told them $1. The end.

 

[themechanic]

My neighbor left me his 71 Chrysler 300. Told his sister before he passed that I should get the car. She took his Death Certificate to the DMV and got the title in her name and then gave it to me for a $1 and signed the title over to me. DMV asked how much I paid for it and told them $1. The end.

We will probably do something like that here since the tax commission's exemptions goes to more immediate family like father to son and so forth.

 

[greycharger]

Doesn't say how they arrive at value, here they use Cars of Particular Interest. I couldn't find it on line. Haggerty's says they are $22K for an average condition, base 340 Challenger, +10% for 4 speed. Their valuation for excise tax would make the tax $735.


Note:
In establishing an average retail value for the purpose of assessing vehicle excise tax, Oklahoma law makes no provision for adjusting the value of a vehicle due to that specific vehicle’s condition – be that condition above or below average. An average value for all such model vehicles is utilized.

Standard vehicle excise tax is assessed as follows:

• New Vehicle: 3.25% of the purchase price (or taxable value, if different)
• Used Vehicle: $20.00 on the 1st $1500.00 of value + 3.25% of the remainder

 

[Ranger16]

Have her SELL you the car for $1.00.

 

[mopar 3 B]

Was this not solved about 10 post back?

 

[themechanic]

Was this not solved about 10 post back?

I won't know for sure until the cat is in my driveway.

EDIT 3-22-19: I meant Cuda.

 

[YY1]

careful, or they might tax the cat as well

 

[Slap Stick]

Here you cannot sell a vehicle for a dollar.
You can quote a fictional amount but they may axe to examine the vehicle and then assess a value.
I bought a car for my son when he was a kid and after he paid me for it wanted to gift it to him so it would be in his name. They wouldnt do it, said I had to declare a value and he would pay sales tax on that amount. And they warned they would check book values if I claimed too low of a price.

 

[themechanic]

Bill already registered the car in Oklahoma. So, they know what he paid for it (but they won't tell me since I don't own it, yet).

 

[mopar 3 B]

Here you cannot sell a vehicle for a dollar.
You can quote a fictional amount but they may axe to examine the vehicle and then assess a value.
I bought a car for my son when he was a kid and after he paid me for it wanted to gift it to him so it would be in his name. They wouldnt do it, said I had to declare a value and he would pay sales tax on that amount. And they warned they would check book values if I claimed too low of a price.

With a signed bill of sale or title with sale value on it I have never had that problem. Sales tax is just that not what ever they want to make it. Try a different DMV office next time.

 

[themechanic]

I thought you guys would like to see this photo of Bill's Cuda. I miss him. It's hard to feel any joy of ownership given the way I received it.

 

[dadsbee]

Well if you're feeling no joy... I have a spare garage bay!! Nice looking machine...

 

[themechanic]

Well if you're feeling no joy... I have a spare garage bay!! Nice looking machine...

Thanks but I'll get over it with time.

I have to admit I had a smile on my face while driving it home from Bill's garage where that photo was taken. My daughter and son-in-law will get to park the Cuda in their garage until my Coronet is finished.

 

[Roger63]

Very fun cars to drive. I had a 73 340 4spd a long time ago and had a blast with it.