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.

“This will qualify the vehicle as exempt from sales taxes,” Power said. “There also would not be a tax for the gift itself since New Jersey has no state gift tax.”

Happy driving to your daughter!

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