Colorado Bill Of Sale For Car Gift
Description
How to fill out Colorado Automobile Bill Of Sale Package?
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FAQ
8 steps to take when giving a car as a gift Make sure you own the car. Ensure that the car is in good working condition. Create a bill of sale. Understand the state's title transfer process. Assign the title to the new owner. Fill out affidavit of motor vehicle gift transfer. Make sure all tax forms are in order.
Both parties will sign the title. In the Purchase Price section, write down, ?gift?. At the DMV, you will both be asked for verifiable identification that proves your relationship. You will have to pay the title and registration fees, but not the sales tax unless the relative is taking over the loan on the car.
If you're going to write a bill of sale in Colorado, you should include the price of the item, the date of the sale, the year, make, model, vehicle identification number (VIN) of the vehicle or another description of the property, and the name and contact information of both the buyer and seller.
Motor vehicles transferred as a gift or prize If a motor vehicle is transferred as a gift or prize, the recipient is not liable for either sales or use tax for the vehicle.
The gift letter should describe the vehicle that is being gifted. Example: ?I, (your name), gift to my friend, (friend's name), the following vehicle: Year, Make, Model and VIN.? The gift letter will need to be notarized, since your friend is not considered immediate family per the R.I.