06 Aug Are taxes owed when a car is gifted?
Q. If I gift my car to my daughter and she registers the car in her name, besides the registration/license plate fee, are there any taxes in New Jersey?
— Giving it away
A. The answer to this one is simple.
If the vehicle is a gift, the sales price must be noted as “gift” on the title, said Brian Power, a certified financial planner with Gateway Advisory, LLC in Westfield.
Happy driving to your daughter!
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