For a Hyundai car that I want to buy out. And is registered in a siblings name.
What's my best bet at this point?
Seems since they don't allow for 3rd party buyouts from the lease.
I'll have the sibling buy it at the buyout price, and then is it cheaper to have him gift it to me or sell it at $100 to me. Meaning will one way work and the other not? The car I'm talking about is in NJ assuming every state has their own laws in place.
What's the cheapest way to have it properly registered in my name? Thanks
I'm no lawyer or accountant.
Gift taxes are on the receiver, and only over a certain amount.
So your brother is free and clear with the gift. IDK above what amount a gift counts as income. Perhaps have him gift the max and pay the amount above the gift level. and of course the sales tax on that amount.
If he sells it to you at way below market value: legally you may still be on the hook for sales tax of the full market value. Will anyone notice? probably not - but IDK.
Just looked it up: The gift tax exclusion for 2023 is $17,000 (it was $16,000 in 2022).
That's probably close to the buyout amount.
You may be good on the gift.
(Check with the appropriate professionals.)