dmartin88
Gold Member
I'm going to be giving my son a truck that I own and have a question about providing a Bill of Sale. I've found several legal forms and think I have that covered but wondering how we should go about filling out the purchase price. We'll exchange at least $1 as part of the transaction and our/his intention is to pay the appropriate sales tax due on the vehicle when he registers/titles it in Texas. My initial take is the Bill of Sale should reflect the actual money that changes hands, then the value for tax purposes will be handled separately. We believe the car is worth $9500 based upon looking at blue books and other similar sources. My question is whether the Bill of Sale should represent the value of the car in a transaction like this or whether that is sorted out separately when applying for title/registration. Thanks in advance for any advice/input--as I said, our full intention is to pay the appropriate taxes on the exchange, just need to get the paperwork right.