So im buyin a ralliart off of a friend,
hes god his own stuff to deal with and im just taking it off his hands.
The buyout of the car is 13100,
My question is,
can he sell this car to me for $1 on paper so that uncle sam doesnt
get his hands all up an in my wallet?
There is an auto loan in place,
but the credit union said that the deal is just between scott and myself,
it is fine with 2 witnesses.
Can i get a confirmation on this?

Thanks ahead of time!

No you cannot. That only works if the person in related to you, brother, mom or dad.

Bank Info : http://lexextended.ytmnd.com/

Thats what i thought,
but the credit union said differently...
where would i look for a 100% answer?

also my loan will be through the same Credit Union as his...

so ur asking how to commit tax evasion (a federal felony) on a public forum?

i dont think he means any harm, he's just simply asking a question

thanks for the back up,
guess im looking for advice,
teh Credit union will only give me the 13100,
but taxes in that are pretty hefty...
any ideas?

marry his sister?

hard to do,
already married,
but i was told it can be sold as a gift.
(we joked about a big pink bow )
so again Im unsure,
also there was the idea of selling at 4k on paper and its 3XX dollars.

do it as a gift and you just pay him the money. no taxes to worry about. ive done it on 2 cars that i owned and there was no problems at all

I think your right,
Im gonna give it a shot, otherwise ill have to wait til august,
dont have the extra K to toss.

well for the title to change hands his car loan has to be satisfied. if you take out the loan from credit union and pay off his loan it would be kind of obvious that you spent more then $1 on it. don't know if the feds. would notice, but i woulldnt test them either.

we place it under gift and i think were ok.
but we need documentation and witnesses.
Figure we'll take it to the girl at the credit union that said it would be fine,
and one of each our parents.

Yes, We can do it with 2 witnesses and a notoray(sp?).
at that point it would not be a felony in our hands, it would be on the notoray. In this case it would be the lady at the credit union. If it were that big of a deal, I'm sure she wouldn't have offered to do it.
You're gonna love the car

ok have him give it to u as a late/early birthday gift. And for his birthday or anniversary hookem up with 14 grand? nothin wrong with being best buds or acting rich