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I transferred an out of state title and registered a car that I purchased late last year. The Illinois title doesn't have a spot for sales price of car so I expected the lady to ask what I paid for it, like they have in the past, but she never asked.
And is it normal to not receive an instant title for out of state titles? Its been a while since Ive purchased an out of state car.
Will I have to pay at a later date?
Strange, you are suppose to pay tax on what you paid or
what the book value is, whichever is greater!
The state of Michigan does not do instant titles for out
of state titles.
They will call you and clarify. Buddy at work has picked up the hobby of buying salvage vehicles and repairing them. He’s bought a couple clean titles donor cars and the state has called him on each saying he owed tax on what they deemed fair market value
Good to know,Quote:
Originally Posted by 04GoaT
Thanks guys.
on out of state titles without a spot for sales price, I make sure to get a bill of sale just so there is a record of the price for the SOS