The IRS views any profit made from the sale of personal property, like your car, as capital gain and it may be subject to capital gains tax. You're expected to report such gains on your tax return, though the rates and specifics will depend on your overall financial situation.
Yes, most dmv will take market value if they see the car being sold for $1. Your better option is to have him gift it.
It's in your best interest to file as soon as possible. You must report the sale of your vehicle if you: Sell privately.
You may apply for a department temporary license plate at any Washington vehicle licensing office.
If you have sold a vehicle, you need to let the Department of Transport (DOT) know within seven days. If you are the buyer, you must contact DOT within 14 days. Penalties may apply if you don't. Buyers and sellers can either complete a form (PDF) or transfer the licence online.
All you're going to need to do is the legal owner will want to sign here on the first line ifMoreAll you're going to need to do is the legal owner will want to sign here on the first line if there's a second legal owner though you'll want to sign right below on the second. Line. You are now done
Call the Department of Licensing at (360) 902-3770, visit their Department's web site (dol.wa), or contact your local auto licensing office. I have sold or transferred my car.
Selling Car in Washington: Necessary Paperwork Application for Certification of Title and/or Registration. Claim for Refund. Bill of Sale. Odometer Disclosure Statement. Plate Cancellation Form. Report of Sale and Delivery of Title. Damage Disclosure Statement.