Trading 1:1 cars DMV registration

[sweetdiesel]

I am thinking about trading my truck for an SUV I found on craigslist. The Kelley Blue Book values of the trucks are about the same, mine is a 92 Toyota 4x4 pickup, his is a 93 Toyota 4runner with 15K more miles on it than my truck. The question is how does the DMV recognize this transaction? Will both parties have to pay sales tax when we go to register the vehicle?

This is the first time I have done anything like this, trading cars and not outright buying them. Any advice that you guys can give is much appreciated.

 

[NCNitro]

I believe you can both mark the sale price portion of the title as a gift, this should exempt you both from any sales tax. I would call the dmv though just to be sure.

 

[HeartBreak]

I personally have never traded a vehicle with anyone. About the best advice I can give you is call the DMV and ask them.

 

[robriguez]

"I beleive" in NJ that you cannot GIFT a vehicle unless its to a direct family member. Husband/wife, parent/child, etc. To everyone else, even if you dont put a price you have to pay tax on the Bluebook value.

Go to DVM and ask em.

 

[SMaxxin]

"I beleive" in NJ that you cannot GIFT a vehicle unless its to a direct family member. Husband/wife, parent/child, etc. To everyone else, even if you dont put a price you have to pay tax on the Bluebook value.

Thats how it is here too

 

[RevoME]

I sold my jaguar XJ to a guy for $5600 and made the document out to be $500, he paid minimum sales tax on that.
Vejicles with that age may be hard to evaluate so I would just put some silly number in, pay a few bucks and be done.

 

[Clintd]

You can put down trade, I have done this before in NJ
don't put down Gift. If you do they will calculate the value and send you a card to return with you're check to pay the tax.

 

[jetmechG550]

You can do like an airplane and mark $1

 

[robmob]

Just mark that you bought his for $1 and have him do the same for yours.

 

[MR4X4KING]

who really cares i thought this was about rc cars wheres your knowledge on that stuff

 

[Racer 1966]

who really cares i thought this was about rc cars wheres your knowledge on that stuff

You are in the wrong forum section, this is the general forum and plainly says "You can talk about anything NOT related to R/C"

 

[sweetdiesel]

Thanks for the input guys. I wasn't sure if I was going to have to pay sales tax on the trade and also wanted to make sure the paperwork is legit.