Did a search but could not find anything on this subject. I plan on gifting a car to my son. The car is currently titled in my name and will transfer title to his name. Will the BMV require sales tax based on the value of the car? Do I write GIFT in the selling price box on the title? Thanks.
I gifted both of my daughters their cars after they graduated college, I simply wrote $0 in the selling price and no sales tax was required. They paid title and registration fees when registering in their names.