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team
· 1 posts
7 years ago

Maryland Gift Transfer Guidelines

Maryland Gift Transfer Guidelines

To meet the definition of a gift, no money or valuable commodity, including services, can be exchanged for the vehicle. Below qualify as bona fide family members:
Spouse, Mother, Stepmother, Mother-in-Law, Father, Stepfather, Father-in-Law, Daughter, Stepdaughter, Adopted Daughter, Daughter-in-Law, Son, Stepson, Adopted Son, Son-in-Law, Sister, Half Sister, Brother, Half Brother Grandmother, Grandfather, Grandchild, Aunt, Uncle.

GIFT TRANSFER BETWEEN SPOUSES AND PARENT CHILD

Maryland Excise Tax and Maryland Safety Inspection requirements are waived and the current tags may be transferred.

  • More than 12 months remaining in the registration year, then a $10.00 fee will be collected to transfer the tags.
  • Less than 12 months remain in the registration year, the registration will be renewed for an additional year when the vehicle is titled.
  • All other Gift Transfers, the Maryland Excise Tax requirement is waived, however the vehicle must be Maryland Safety Inspected and tags may not be transferred and new tags must be purchased.

WHEN TAGS MAY TRANSFER

Tags may be transferred when the vehicle is

  • in the joint names of the spouses and is being transferred to the name of either spouse;
  • in the name of either spouse and is being transferred to the joint names of the spouses;
  • in the name of an individual and is transferred to the name of a spouse, a child or a parent of that individual.
  • in the joint name of a parent and child and is transferred to the individual name of either party;
  • in the name of the individual and is transferred to the joint names of that individual and the individual’s parent or child.

We hope this has been helpful and all of us here at Diversified Tag & Title Services would be more than glad to assist you with your gift transfer. Please come see us at 430 E Patrick Street, Suite #B, Frederick, MD 21701.
Para Servicios en Español Visitenos Lunes a Viernes

AUNT/UNCLE TO A NIECE/NEPHEW

Proof of relationship must be provided and the aunt or uncle must be at least 65-years old. If proof of relationship is not available, complete the Maryland Form VR-299 Gift Title Transfer from Aunt/Uncle to Niece and/or Nephew. No monetary or other valuable consideration may be involved in the transfer.

OUT-OF-STATE GIFT TRANSFER

Maryland’s gift laws under certain circumstances may also cover vehicles that are titled in another state. If the out-of-state vehicle was previously titled in Maryland by a family member; and the family member must meet the relationship requirements.

VEHICLE HAS LIEN ON IT FROM GIVER

If the vehicle being transferred has a lien on it, then proof that the lien has been satisfied must be provided OR a statement from the lienholder, authorizing the lien transfer, must accompany the transaction. State issued driver’s license or ID of the person presenting the documents must be provided.

The MVA has very specific guidelines of what information must be within the Lien Release Letter OR Letter of Termination. Please contact Diversified Tag & Title Services and we would be more than glad to provide that information to you ensuring the letter is acceptable at the MVA or Tag & Title Service.

team
team
· 1 posts
7 years ago

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