Is There A Charge For A Gifted Vehicle In Missouri?

Are you a Missouri resident who’s been gifted a vehicle? Congratulations! However, you may be wondering if you’ll have to pay any fees or taxes for receiving such a generous gift. The answer is, it depends. In this article, we’ll explore the different scenarios where you may or may not have to pay for a gifted vehicle in Missouri. So, let’s get started!

Is There a Charge for a Gifted Vehicle in Missouri?

What is a gifted vehicle?

A gifted vehicle is a vehicle that is given as a gift from one person to another. This type of transaction is common among family members or friends. In Missouri, a gifted vehicle is subject to certain rules and regulations.

When a vehicle is gifted, the recipient does not have to pay for it. However, the state of Missouri requires a transfer of ownership to take place, which may come with fees.

What are the fees associated with transferring ownership of a gifted vehicle in Missouri?

When transferring ownership of a gifted vehicle in Missouri, there are several fees that may apply:

• Titling fee: This fee is required to transfer the title of the vehicle and is $11.
• Processing fee: This fee is charged by the Department of Revenue and varies by county.
• Registration fee: If the vehicle is not already registered in Missouri, a registration fee will be required.

It is important to note that these fees may change, so it is best to check with the Department of Revenue for the most up-to-date information.

What documents are needed to transfer ownership of a gifted vehicle in Missouri?

When transferring ownership of a gifted vehicle in Missouri, several documents are required:

• Title: The current title of the vehicle must be signed over to the recipient.
• Bill of sale: A bill of sale is required to prove that the vehicle was gifted.
• Inspection certificate: If the vehicle is more than five years old, an inspection certificate is required.
• Application for Missouri Title and License: This form is required to transfer the title and register the vehicle in Missouri.

It is important to note that if the vehicle is being gifted by an out-of-state resident, additional documents may be required.

What are the benefits of gifting a vehicle in Missouri?

Gifting a vehicle in Missouri can have several benefits. One of the main benefits is that the recipient does not have to pay for the vehicle. Additionally, gifting a vehicle can be a way to help out a friend or family member who may be in need of transportation.

Another benefit of gifting a vehicle in Missouri is that it can be a way to avoid paying sales tax. When a vehicle is sold, sales tax is typically required. However, when a vehicle is gifted, sales tax is not required.

Gifted vehicle vs purchased vehicle

There are several differences between a gifted vehicle and a purchased vehicle. One of the main differences is that a gifted vehicle does not require the recipient to pay for it. Additionally, when a vehicle is purchased, sales tax is typically required. However, when a vehicle is gifted, sales tax is not required.

Another difference between a gifted vehicle and a purchased vehicle is the process of transferring ownership. When a vehicle is purchased, the buyer must pay for the vehicle and then transfer ownership. However, when a vehicle is gifted, the recipient does not have to pay for the vehicle, but must still transfer ownership.

The bottom line

When it comes to gifting a vehicle in Missouri, there are several rules and regulations that must be followed. While the recipient does not have to pay for the vehicle, a transfer of ownership is required, which may come with fees. It is important to follow the proper steps and obtain the necessary documents to ensure a smooth transfer of ownership.

Overall, gifting a vehicle in Missouri can be a great way to help out a friend or family member in need of transportation, while also avoiding sales tax.

Frequently Asked Questions

Are you wondering if there is a charge for a gifted vehicle in Missouri? Here are the answers to some commonly asked questions.

Q: What is a gifted vehicle?

A gifted vehicle is a vehicle that is given to you as a gift. This means that you did not purchase the vehicle and you did not trade anything for it. In Missouri, you can receive a gifted vehicle from a family member or a non-family member.

It is important to note that if the vehicle was purchased or traded for, it cannot be considered a gift. Additionally, if you paid any amount of money for the vehicle, even if it was less than the market value, it cannot be considered a gift.

Q: Is there a charge for a gifted vehicle in Missouri?

No, there is no charge for a gifted vehicle in Missouri. However, you will need to pay for the title transfer and registration fees. These fees will vary depending on the type of vehicle and your location in Missouri.

It is important to note that if you receive a gifted vehicle from a family member, you may be exempt from paying sales tax. However, if you receive a gifted vehicle from a non-family member, you will need to pay sales tax on the fair market value of the vehicle.

Q: What do I need to do to transfer the title of a gifted vehicle?

To transfer the title of a gifted vehicle in Missouri, you will need to complete the following steps:

1. Fill out the Application for Missouri Title and License (Form 108).

2. Provide the current title signed by the donor.

3. Provide a safety and emissions inspection certificate, if applicable.

4. Pay for the title transfer and registration fees.

5. If the vehicle is less than 10 years old, provide an odometer reading.

Once you have completed these steps, you will receive a new title in your name and the registration will be transferred to you.

Q: Are there any restrictions on who can gift a vehicle in Missouri?

No, there are no restrictions on who can gift a vehicle in Missouri. However, it is important to note that if the vehicle is gifted by a non-family member and the fair market value is over $14,000, the donor may be subject to federal gift tax.

If you are unsure about the tax implications of gifting a vehicle, it is recommended that you consult with a tax professional.

Q: Can I gift a vehicle to someone who lives in another state?

Yes, you can gift a vehicle to someone who lives in another state. However, the process for transferring the title may be different depending on the state that the recipient lives in.

It is recommended that you check with the Department of Motor Vehicles in the recipient’s state to find out what the requirements are for transferring the title of a gifted vehicle.

How To Gift A Vehicle To Someone Without Paying Taxes

In conclusion, if you’re wondering whether there is a charge for a gifted vehicle in Missouri, the answer is yes. However, the fees associated with transferring the title and registration are often lower than those for purchasing a vehicle. It’s important to keep in mind that the process for gifting a vehicle in Missouri can be complex and requires specific paperwork. It’s always a good idea to consult with the Missouri Department of Revenue or a qualified professional to ensure that you follow the correct procedures and avoid any unexpected costs. Ultimately, gifting a vehicle can be a generous and thoughtful gesture, but it’s important to be aware of the associated fees and requirements.