Texas Contract Form For Gifting A Car

Category:

Construction - Contractors - Paving

State:

Texas

Control #:

TX-00462-22

Format:

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Description

The Texas contract form for gifting a car is a vital document that facilitates the transfer of vehicle ownership from one party to another without the exchange of money. This form includes essential details such as the vehicle's identification number, make, model, and year, as well as the names and addresses of both the giver and the recipient. It serves as a legal record of the gift and provides proof of ownership transfer, which can help avoid potential disputes in the future. When filling out the form, it is crucial to ensure that all information is accurate and complete, including signatures from both parties to validate the transaction. Legal practitioners such as attorneys and paralegals can utilize this form when advising clients on gifting vehicles to ensure compliance with state regulations. Furthermore, it is beneficial for individuals looking to make a tax-free gift or support family members without financial burdens. This form helps clarify the intent of the gift and protects the interests of both the giver and the recipient.

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FAQ

A motor vehicle received as a gift from an eligible donor located out of state is subject to the $10 gift tax when the motor vehicle is brought into Texas.

To give a vehicle as a gift to a relative or qualifying 501(c)(3): The signed negotiable title and completed Application for Texas Title and/or Registration (Form 130-U), must be provided to the county tax office to title the vehicle.

If you buy a vehicle from a dealer, the dealer is required to file the title application on your behalf. If you purchase your vehicle from an individual, the seller should provide you with a signed Form 130-U and any other supporting documents so you can file an application with the tax office.

Documents Required In addition to completing Application For Texas Certificate of Title, Form 130-U, both the donor and person receiving the vehicle must complete Form 14-317, Affidavit of motor Vehicle Gift Transfer, describing the transaction and the relationship between the donor and recipient.

According to Texas law, when you gift a used car to your family member, the immediate family members must pay a $10 Gift Tax just like the sales tax. You may contact your local county tax office to know more about the gift tax on a car.