anyone ever gift of sell a car? are there tax implications for either?
I bought and insured a car in my name for my adult daughter. I am in NY. Car has NY plates
during COVID she moved to MD, permanently. has a MD license.
I am hoping I can gift her the car. she can register it in MD, get MD plates and insure it in her own name.
Can I just sign over the title? do I need a bill of sale? can she turn in the NY plates in MD or she would just send them to me to turn in, and we may just be paying double insurance until I turn in plates and take care off my record.
am I missing anything?
thanks in advance. many years ago I remember giving my dad a token fee to avoid taxes on a gifted car, but the laws may have changed.