[JoeyBananaz18]

I'm sad to report that as of this weekend I'll be saying goodbye to my lovely e92 after 5 awesome years of ownership. I'm getting all the paperwork in order for the new owner and I have a question regarding the bill of sale. Because the sale is taking place in NY, it is subject to tax. On the bill of sale, do I record the sale for its true selling price, or do I just mark down that the sale is in the amount of $1 to avoid paying tax. (I do realize that I must sound like a fool for asking something that most likely very illegal)

Now, this is the first time I'm selling a car privately and would like to here from some of those that have already sold cars privately in the past.

What have you guys done in the past?

[E90joee]

I baught both cars off someone and both times they seller put down the price by a couple grand to save me some money aslong as its not crazy cheap they dont care

[Chocolatethunder]

Originally Posted by E90joee

I baught both cars off someone and both times they seller put down the price by a couple grand to save me some money aslong as its not crazy cheap they dont care

+1

[335NJ]

If you put the sale price as $1, you'd better believe you're getting a letter in the mail about that.

My co-worker bought a used Jeep on CL, and got a letter from the state because they thought they wrote a false sale price to avoid taxes, in reality, he just got a good deal ($6k for a $9-10k truck). NJ doesn't mess around, however I don't know much about NY.

[niquehawk5]

NYS DMV isn't going to bother you for a few grand, but if you get too low it will raise questions that just aren't worth dealing with. Earlier post is right, anything about 20% (few thousand) less than actual sale price should be fine.

[Prissy]

You can do it up to 4 or $5000, any amount more than that you should be careful...

[throat_puncher]

There's a box that says "gift" it negates tax

[Taus_BMW]

I've done this many times and I've always had the seller leave it blank on the price part. But usually mention not to abuse the price difference. Which I never done. At least wasn't bad I think, I wrote like 4k for my 06 sti once! I was nervous about the one thou. But for the Xi I'd say around 5k ish??

[niquehawk5]

Originally Posted by throat_puncher

There's a box that says "gift" it negates tax

This is actually really tough as you need to prove relationship with the person gifting it to you. My aunt gave me her car when I was 18 and the hassle was not worth the few hundred I saved in taxes. They needed two different notarized documents and 3 trips to the DMV

[EzequielR]

When I purchased my car for $18,000 the seller marked it down to $13,000 so I could avoid some of the tax. Like someone stated above, no more than $4,000- $5,000 and you should be good!