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Reply to "[VA] Trading cars with a relative - no purchase price - what happens at DMV?"
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[quote=Anonymous]So, my parents and I are trading vehicles. I will get a newer version of the same vehicle I have, they'll take my current vehicle, and no money is going to change hands. I am also giving them a big ticket home item that they want and I no longer have a use for. So that's the trade, so to speak. What do I do for the bill of sale? According to the DMV website they will base sales tax on the Blue Book price if you don't have proof of the sales price. I also see that there's an exemption if the vehicle is a gift - should I treat this as a gift and does that have tax implications for the giver? Or would you list the sales price as the fair market value of the home item? Their vehicle is more than 5 years old.[/quote]
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