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Cars and Transportation
Reply to "Lend a car to a friend?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Could you simply sell her the car at a token price?[/quote] and then offer to buy it back at the same price when she's out of the woods. the down side, is you will pay sales tax on the cars actual value not sale price[/quote] Baloney. You pay tax based on the invoice/bill of sale. Obviously you can't sell a $10,000 car for $1. But I once wrote an invoice for $5,000 for a $10,000 car. Saved on the tax. [/quote] NP here: I think that is correct however if you live in VA you will be paying the personal property tax on the assessed value of the car and not how much you paid for it. [/quote]
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