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Reply to "CA parents gifted car, pay taxes when registering in DC?"
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[quote=Anonymous]I don't know what your paperwork looks like, but perhaps it might have been better to have them sell it to you at a value lower than market? How are you getting the valuation that you will pay excise tax on? It might be better if you just register it as their property in DC to your address, and have them get a replacement title in CA (voiding the gift, but eliminating the property transfer). They can give it to you at a future time when it's either valued less or you live somewhere with different rules. That might not work now. The only other thing I can think of is that you might be able to use the fact that your parents paid tax on it in California as an offset to the DC tax. But I doubt it, probably only the owner can claim that.[/quote]
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