[Mister421]

Hi - Hope this is the right place to post – Wondering if anyone can provide a little insight here. I’ll start with we live in Illinois. My father wants to pass his antique car to me. He is the original owner and we want to keep in family. We are trying to determine what the correct way is but I’m finding mixed results. Someone told me they just did a title transfer and that was it, but I think there might be more. I went to the secretary of states office and seemed to get the run around. From what they told me this could cost more than a new car in tax and title money. I can’t imagine that is the case. I also found online that we would need to use a RUT-50 tax form and from what I read the tax amount would be $25.00. The person at the office had never heard of that. I also found that there is a VSD773 Beneficiary title transfer but not sure that is correct and of course they had never heard of that either. Can anyone shed some light on this or have personal experience? Thanks in advance.

[abefromen]

You don't need a RUT-50 because there is no vehicle use tax if transferring between family members...........unless they recently changed that which wouldn't surprise me.

edit: apparently they do charge tax within a family now

Maybe this will help. https://itstillruns.com/transfer-tit...s-8312363.html

[Stuart]

I looked at the RUT-50 form and it appears the tax is $15, not $25 when transferring to a child or spouse.

[Old Goat Racer]

https://www.cyberdriveillinois.com/p...PA_96-0034.pdf

Scroll down to page 20, Step 4, 2C. Looks like $15 I did this a couple times with a 1 year old truck.

Been this way since the early 90's

P.S. Find a different office.

[george kujanski]

SOP in a Illinois DMV is to give wrong answers. Recently happened to me also.

George

[JKGTO]

In Ohio we just sign the title over to the new owner as normal but use GIFT as the dollar amount.

[Old Goat Racer]

The OP lives in Illinois. What ohio does, doesn't matter !

[Chris65LeMans]

If it’s too much trouble, just buy it from him for $100 and report it as such.

[Stuart]

Most states will have an idea of what an old car is worth - just saying it's worth $100 won't necessarily work.

According to the information in the link that abefromen posted, the transfer is really pretty straightforward. The tax is only $15, there's no reason to try to do anything otherwise.

[RAJ7395]

I live in illinois. My dad gave me his 2007 Lexus RX400H last year for my daughter to drive. He put $100 for the sale price on the title. I signed and sent it through with no issues.

[64speed]

Not that it’s any help but in SC he just has to certify that it is a “bonafide” gift and you pay 15 dollar title fee and whatever plate you want costs. If he has a personalized tag you can’t keep it it has to be turned in and purged from the rolls then you can get it again in about 3 months. That’s what SC does

[njsteve]

Most states do not consider the gift transfer to a family member (while living) to be a taxable event. They will charge you for the new license plates, registration, transfer, and title fee of course - usually under $100 total. (That's in NJ anyway). Looks like Illinois does the same and just calls it a "fixed tax fee" and not a sliding one based on actual value.

[70oldgoat]

I am not an attorney, but can the current owner (father) request a new title now to be issued showing co-ownership?

Title would read the father's name "OR" his son's name, e.g. John Doe, Sr. OR John Doe, Jr.

Car title NOT to read "AND".

Later on, John Doe, Jr., could request a title change by himself if he so choses?

My wife and I have our vehicles titled, "OR". It was suggested some time ago to do it that way so that if something happens to one of us, the other can move forward with ownership without having to probate the vehicles.

We were advised NOT to title real estate with "OR" for some reason that I cannot recall. May have something to do with borrowing money on the property? Anyways, ...local revenue office should be able to address this?

[Chris65LeMans]

Originally Posted by 70oldgoat

We were advised NOT to title real estate with "OR" for some reason that I cannot recall. May have something to do with borrowing money on the property? Anyways, ...local revenue office should be able to address this?

This is something I learned recently. I’m not familiar with “or,” but it sounds like the “joint tenants with right of survivorship” (JTWROS) titling.

With this titling, the asset passes through to heirs, but there is no step up in basis. This is why you don’t want to title something that will appreciate this way.

[TAKerry]

Originally Posted by njsteve

Most states do not consider the gift transfer to a family member (while living) to be a taxable event. They will charge you for the new license plates, registration, transfer, and title fee of course - usually under $100 total. (That's in NJ anyway). Looks like Illinois does the same and just calls it a "fixed tax fee" and not a sliding one based on actual value.

Same way in MD. You can transfer between parents and children and siblings with no problem. Only fee is the new registration fee for tags.

[tripower]

My advice:
1. Read up on Illinois RUT-50 --> https://www2.illinois.gov/rev/forms/...t-50-instr.pdf
Note that your tax will end up being $15, (see step 4.2)
2. Find a SOS facility that does title and plate transfers.
3. Go into the facility, with your signed over title and ask for RUT-50 (tax) & VSD-190 (title & reg) . You will have to explain what you are doing with them since they are not used to having people coming in prepared and knowing what docs they need.
4. Fill out forms, pay your $15 and you are done. Wait for your new title to come in the mail.

[Mister421]

Thanks everyone for the information. Greatly appreciated.