passing on the Airstream

[garry]

We sold (for the sum of $10) our Airstream to our youngest son who will complete the restoration.
Still needs axles, fridg and awning to be complete, the axles are a must while the other stuff would be nice but not critical. I have about $9k in it so far.
The AS was just sitting and getting older since we have a SOB motorhome that is working all the way we use it. This way it is still in the family and will be put to good use.

Son is excited and ready to get started I will assist but he is good at repairing just about anything. He should be on the fourm soon.

Garry

[Goin camping]

Once your son finishes it. Borrow it and go camping.

[boondockdad]

[Swanny]

Originally Posted by garry

We sold (for the sum of $10) our Airstream to our youngest son who will complete the restoration.
I have about $9k in it so far.

Just don't tell the IRS this. They might think you made a gift of some sort

[CanoeStream]

Good point Swanny. Transfer of title along with licensing to a different owner will involve paying sales tax in most states.

[InsideOut]

Yeah, but the sales tax is based on the sales price, right? So what's tax on 10-bucks?

Shari

[wkerfoot]

Originally Posted by CanoeStream

Good point Swanny. Transfer of title along with licensing to a different owner will involve paying sales tax in most states.

Yeah but, in some states transfers between spouses and parents-children are exempt.

Bill

[garry]

He will register it in TN and I think he will be exempt also I gave him a sales recipt. Tax should not (I hope) be an issue.

Garry

[TomW]

Originally Posted by CanoeStream

Good point Swanny. Transfer of title along with licensing to a different owner will involve paying sales tax in most states.

My uncle, in TN, "sold" me my Overlander for $1 - the price I thought the legal system wanted to see.

When I went to register my Airstream here in AL, the clerk not only took exception to the amount, but WHITED IT OUT and wrote in $0.

The son might want to chat with the registar concerning the appropriate amount of money to list for the transfer.

Tom

[Jim & Susan]

Here in Georgia, sales of this kind (one INDIVIDUAL to another INDIVIDUAL, regardless who the person is) are exempt from SALES taxes. If a dealer sells it to an individal, different story.

The property (Ad Valorem) taxes due are a different matter altogther. Those are based on the local tax authorities' perception of the value of the vehicle.

In our case, since we bought from an individual, no sales taxes. Our tags cost about $18.00 per year because they consider the Airstream to have almost no taxable value due to it's age (if they only knew!).

That's how it works here in Georgia.

Dang nice thing you did there, Garry. Regardless the gov'ment hassles. Let's hope your son enjoys it for many years to come.

Jim

[dudebb]

In PA, sales between unrelated individuals can be questioned by the state if the price paid is not in line with average values of a similar vehicle. I was questioned once (as the seller) on the sale of an antique car as to why it was below the market value. I had to respond to the state that there were many mechanical issues and would cost more than the value to repair.