Disposition of Porsches

[tim noble]

David
Our thoughts are with you.
Tim

[Tom Coughlin]

I think there are two issues that I see. 1) Federal gift tax. 2) State sales tax. On the first there is an amount that you can give each year per person and your CPA can readily advise you.
State sales taxes generally have a provision for gifts to direct family members and your state will possibly have that information on a website.
So I guess that means that if you give a car to one of us without adopting us, tax will be...............................

[Bob Kittel]

Each state handles those transfers a little differently. Like Mike said through experience, California is easy while everyone is still breathing. I have passed cars down in the family with a signature, no added or subtracted value and no sales tax.

[Dan Kalinski]

This is an interesting article.

https://turbotax.intuit.com/tax-tools/t ... 12127.html


David, we are anxious for your return. We wish all the best and many thanks for your willingness to share your knowledge of our loved cars.

Dan K.

[John Hearn]

David
Importing a car to the "Old" country...
Import duty is £50 plus VAT on the value of the car.
If the car is as standard the VAT would be 5%, if the car has been highly modified (in the opinion of Customs & Excise) normal VAT of 20% would be charged.
All the best my friend. Pob lwc, Lechyd da!!!
KTF
John

[Adam Wright]

I like this thread. Please expand upon it. Not sure how many folks know but I am in ICU in Lexington UK hospital undergoing treatment for lung issues caused by chemotherapy and prognosis is undetermined so I know not how much time I have left. Could be days or months to go. Disposition of my cars will not be difficult but ideas on best ways are welcome.
Flippers or dealers not entertained except for select individuals. Yes Adam you are OK for inclusion.
Please send no platitudes just wish me well. I have no concerns about the hereafter.
I do need to send one car to the UK for my son so best way to accomplish that will be helpful.

Dave, please get better! And if I can help in any way let me know.

[Al Zim]

In Texas you can transfer a vehicle to a close family member for a ten dollar fee. I suggest you purchase the antique tags which last for 5 years at cost of $75.00 If you are in our area I will do the paper work for you at no charge. al zim

[Neil Bardsley]

David
Importing a car to the "Old" country...
Import duty is £50 plus VAT on the value of the car.
If the car is as standard the VAT would be 5%, if the car has been highly modified (in the opinion of Customs & Excise) normal VAT of 20% would be charged.
All the best my friend. Pob lwc, Lechyd da!!!
KTF
John

You are correct that if you get a BTI then you only pay 5%. However, there are a couple of reasons not to pay any duty. This was the case when we bought our family car back from NJ in 2000.

https://www.gov.uk/importing-vehicles-i ... t-and-duty