I have a car lease that I’m trying to get rid of in NY. My in-laws want to buy the car from my lease and give it to their mom, but I would have to buy the car out myself and then transfer the title. The plan is to have 3 people write a check to me for $10k each as a gift. Then I buyout the car using $30k. When I transfer the title to their mom, do they have to pay the tax? The buyout price ($30k) already includes sales tax, and if we have to pay tax again to transfer the title, it’s 👎

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Hmmm, what about adding their mom as a joint-title owner, and then in about a month or so, remove yourself as an owner? I am not sure if this would still require some sort of “transfer fee/tax.” Curious if it makes any difference by labeling the transfer as a “gift” to their mom. I believe there will always be some sort of title transfer fee, but not sure about add’l tax implications. Was thinking maybe “gifting” could be a way around taxes.

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What about spouses? So, you first transfer to your spouse, then he/she transfers to his/her parents.

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