I bought a 2004 600RR today and the guy wrote down that it was a GIFT before I even got to his place. I know that even tho he wrote it down as a gift, since we are not family members, the DMV will make me fill out a "Statement of Facts" and declare the current market value of the bike. I'll still have to pay uncle sam the full amount? Actually i'm taking it to AAA to transfer it.

Can I just wipe-out or overlap the "GIFT" and write in $200.00 paid and discount uncle sam?

Anyone show me some tips on how to go about on this?

Thank you much!




Modified by pantastic at 6:39 AM 11/28/2006

 

dont worry about it, the dmv wont ask all them questions. and if they do ask just say u performed some services for him and in return he gave u a bike

 

You can declare its current value, but you will not have to pay the taxes.

 

Thanks for the info, but I've been told that many times the DMV people will hassle you if both the last name are not the same when given as a GIFT, this is why I am concern about the situation.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by .xcalibur. &raquo;</TD></TR><TR><TD CLASS="quote">You can declare its current value, but you will not have to pay the taxes.</TD></TR></TABLE>

I would not mess with the title paperwork the seller filled out. You will have to file a statement of facts stating the bike was a gift, it's standard procedure and I wouldn't be worried about the IRS or CA DMV persuing you.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by pantastic &raquo;</TD></TR><TR><TD CLASS="quote">Thanks for the info, but I've been told that many times the DMV people will hassle you if both the last name are not the same when given as a GIFT, this is why I am concern about the situation. </TD></TR></TABLE>

It all depends on which DMV office you go to, if it's 4:55pm on a friday when you walk in (DMV or AAA), and your attitude or the representative's attitude. Gifts aren't limited to family/relatives.

 

Funny, there's a bike for sale in the Marketplace where the same thing is being discused.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by DMV's website &raquo;</TD></TR><TR><TD CLASS="quote">
Family and gift transfers.

The following applies to vehicles which are currently registered in California:

* If you acquire a vehicle from your spouse, sibling, child, parent, grandparent, grandchild, or as a gift, you must record this transfer of ownership within 10 days from the date you take possession.
* You will need the title, also known as the pink slip, with the previous owner's releasing signature on line one. If the title shows a legal owner, their release must appear on line two.
* If the title is lost, an Application for Duplicate Title (REG 227) must be completed and signed. When an application for duplicate title is used, the legal owner's signature must be notarized.
* An odometer mileage certification is required if the vehicle is less than 10 years old. If the title does not have a designated space for this information, a Vehicle/ Vessel Transfer and Reassignment Form (REG 262) signed by both the seller and the buyer will be required. The REG 262 cannot be copied. An original must be submitted. To obtain a form by mail, call DMV's automated phone service 24 hours a day, 7 days a week at 1-800-777-0133. To speak to an operator, call between the hours of 8 a.m. and 5 p.m. Monday - Friday, Pacific Standard Time, or pick one up from your local DMV. If calling from outside the United States, please call 916-229-0370.
* You must also complete a Statement of Use Tax Exemption (REG 256), to receive the exclusion from the smog certification and use tax.

If the vehicle is a gift from someone other than a family member previously mentioned, you will need to:

* Complete a Statement of Facts, indicating the current market value of the vehicle.
* Complete a Statement of Use Tax Exemption (REG 256)
* Provide a Smog Certification.
The previous owner must provide you with evidence of a valid smog certification. Smog certifications are good for 90 days from the inspection. The smog certification is not required if a biennial certification was submitted to DMV in conjunction with renewal fees, within 90 days prior to the vehicle transfer date. A statement to that effect must be signed by the seller or the buyer. A vehicle inspection report may be required for proof of certification.

Recent legislation changed the requirements for vehicle transfers occurring on or after January 1, 2005. When you transfer a vehicle that is four or less model years old a smog certification will not be required. A smog transfer fee will be collected from the new owner. When a vehicle is more than four model years old, evidence of a current smog certification must be provided by a seller except when the following occurs:
o The transfer occurs between a spouse, sibling, child, parent, grandparent, or grandchild.
o A biennial smog certification was submitted to DMV within 90 days prior to the vehicle transfer date (a vehicle inspection report may be required for proof of certification).
</TD></TR></TABLE>

So you would just need to fill out two Statements.

And congrats on the bike!!

MSF? Gear? Insurance?

 

Thanks for the reconfirmation on that evil vapor. Really appreciate it.

 

SWEEEEEET!

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by pantastic &raquo;</TD></TR><TR><TD CLASS="quote">Thanks for the reconfirmation on that evil vapor. Really appreciate it.</TD></TR></TABLE>

no worries. I gifted my first bike to a friend, that later got stolen when he was enrolled at USD. Damn thieves ripped it off in broad daylight in front of a lecture in motorcycle parking.

 

What's MSF, I just got the bike today. Got some old gear from the guy but haven't tried it on, might just buy new stuff but if it fits, it will work for now.

Speaking of insurance, I have State Farm and if I have a car under my name(which I do) insurance is like $244 for 6 months.

I was told his rate is kinda high, would I be able to buy insurance somewhere else for cheaper, for just for the bike itself with no cars?

 

You can shop around for mc insurance. And shop around a lot. Some places are outrageouly high, and some are much more reasonable.

MSF = Motorcycle Safety Foundation

You can take a class that makes getting your M1-endorsement a cake-walk. Otherwise, you'll have to pull off a slightly more difficult riding test at the DMV site.

And definitely get some gear that's yours and fits you.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by pantastic &raquo;</TD></TR><TR><TD CLASS="quote">What's MSF, I just got the bike today. Got some old gear from the guy but haven't tried it on, might just buy new stuff but if it fits, it will work for now.

Speaking of insurance, I have State Farm and if I have a car under my name(which I do) insurance is like $244 for 6 months.

I was told his rate is kinda high, would I be able to buy insurance somewhere else for cheaper, for just for the bike itself with no cars?</TD></TR></TABLE>

Enroll in the MSF course, it's worth the time and $$$ and a must-take for new riders.

Give AAA a call for moto-insurance. I couldn't find anyone that beat their rates. Switched over my car and truck for added savings when the bike insurance was a steal.

 

Oh right, I took Motocycle Safety at Mt. Sac but that was 2 year ago. Now it's time to RIDE.

How much you all pay for insurance? and what company?


Modified by pantastic at 7:17 AM 11/28/2006


Modified by pantastic at 7:22 AM 11/28/2006

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by pantastic &raquo;</TD></TR><TR><TD CLASS="quote">How much you all pay for insurance? and what company?</TD></TR></TABLE>
Nooooooooooooooooooooooooooooooooooooooooooooooooo oooooooooooooooooo!!

 

I seem to remember that 'gift' will be on the title when it is gifted and that you cannot 'gift' a gift again. Someone has to buy it and title it before it can be gifted again.

 

Another thing to consider is that if you put a lesser value than KBB, then that's the amount some insurance companies will pay out if the bike is totalled. IE, you paid $4000 for the bike but put only $500 for the DMV value; then insurance pays the $500. At least this is what I have been told from a few people when I was going in the same situation.

 

Insurance companies pay fair market value, they rarely refer to KBB or NADA guides as they arent the most accurate values. Fair market is best cuz it gives ya the value in your area at that time. KBB and NADA are only updated every other month or every three months if I recall.

They dont look at what is put on the DMV paperwork for what was paid. Whoever told ya that is full of dung. LoL

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Psychochik &raquo;</TD></TR><TR><TD CLASS="quote">

They dont look at what is put on the DMV paperwork for what was paid. Whoever told ya that is full of dung. LoL</TD></TR></TABLE>

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Psychochik &raquo;</TD></TR><TR><TD CLASS="quote">
They dont look at what is put on the DMV paperwork for what was paid. Whoever told ya that is full of dung. LoL</TD></TR></TABLE>

I honestly hope so.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by SHORTBUS. &raquo;</TD></TR><TR><TD CLASS="quote">

I honestly hope so.</TD></TR></TABLE>

I can say with certinty that they dont. I work in insurance I know dis **** !! :D

 

I've hear State Farm is the cheapest. I'm 22, perfect record have my 05 GSXR 600 and a car on their records. The bike itself comes to about $75 a month full coverage w/ medical. Not bad.

 

What site do i use to find the fair market value of my bike?

 

kbb.com

 

Not KBB, fair market value would be an average of what the goin rate of your ride is. Go to cycle trader, your local newspaper, craigslist, those type of places, find the same bike with around the same mileage, take 3-5 and get an average. That would be your fair market value.

KBB and NADA guides are rarely used for determining the worth of your bike when it comes to insurance. Some companies will use it as a starting point but 99% of the time KBB will be below fair market and NADA can sometimes be above. Very unreliable sources.