Q: I want to give my child a car that I purchased. Will the child or myself have to pay sales tax on the transfer in NE?
The car is only a few months old. I purchased it new.
A: Your question doesn't say if your child is an adult or a minor.
Generally purchases/gifts from family members are not exempt from the normal rules. The DMV's website has information about the sale and taxes required to be paid.
You should also speak with your accountant if you haven't done so already as you may also need to pay gift taxes depending on the value of the vehicle. Depending on your circumstances, this type of gift could also trigger other taxes. Consult with your accountant to find out what applies in your situation. Gift taxes can be significant.
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