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Thread: Register his vehicle in my name?

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    Default Register his vehicle in my name?

    delete
    Last edited by Xiomara; 04-24-2010 at 08:23 AM.

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    Default Re: Register his vehicle in my name?

    Seems impossible to answer the question without knowing why he can't register it in his own name.

    But won't this open you up to some legal liability?

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    Default Re: Register his vehicle in my name?

    If he gets speeding tickets and other infringements, as you will be listed as the registered owner it will be presumed that you are the infringer and you will receive the fines. If the car was involved in an accident, same deal.

    Not a good idea whatsoever.
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    Default Re: Register his vehicle in my name?

    It sounds pretty shady.

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    Default Re: Register his vehicle in my name?

    Do not do it! I don't know the specifics, but you'd have to insure the vehicle to register it. The insurance will be in your name, and if he gets into an accident, you may be liable for damages. Even if this dude pays you, the risk is too great, IMHO.

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    Default Re: Register his vehicle in my name?

    delete
    Last edited by Xiomara; 04-24-2010 at 08:23 AM.

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    Default Re: Register his vehicle in my name?

    How much was the car? I've heard that if you pay over a certain amount (I think $9,000) in cash with something that has to get registered, it immediately sends up a red flag to the IRS and you get audited.

    Probably won't put it in his name because he doesn't want that.

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    Banned Melonie's Avatar
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    Default Re: Register his vehicle in my name?

    ^^^ you've got the basic point correct. Whenever a new car is registered, regardless of the purchase price, the state's Motor Vehicle Dep't is required to provide the IRS with all of the pertinent info ... registered owner's name, address, value of car, purchase price, car loan particulars ( if financed ) etc. Thus even if the car only cost $9,900 to sneak under the IRS 'cash transaction' reporting requirement at the car dealer, the purchase is STILL going to be reported to the IRS by the state DMV.

    From there, IRS computers are going to go searching for past tax returns filed by the registered owner of the newly purchased vehicle, and will try to match up reported income with spending levels that allow for the purchase of the 'new' vehicle while still covering local area cost of living and any other automatically reported spending that has found its way to IRS computers ( like college tuition payments ). If there appears to be an insufficient amount of income reported on past tax returns to explain where the $9,900 ( or whatever ) came from, up goes the red flag. Similarly, if the car purchase was financed and the amount of the new monthly payment can't be covered by the amount of income reported on past tax returns, up goes the red flag.

    I'm sure that, eventually, everything could be sorted out with the IRS if your 'customer's' source of income necessary to purchase the new vehicle is legitimate and listed on his own tax return. However, before you ever get the opportunity to explain, there is a fair probability that registering a new vehicle in your own name that appears to cost more money than you are able to pay for using income reported on your past tax returns will get you a full blown tax audit.

    While I don't want to make unfounded assumptions, the circumstances of your 'customer's' request certainly sounds like it is he who doesn't want to risk the state DMV reporting a sizeable cash purchase of a new car in his name. If by the wildest conjecture your 'customer's' windfall of cash happened to originate from illegal activities, and you help him 'launder' his cash via registering his new car in your name, technically speaking this could be construed as 'aiding and abetting' a criminal activity. So in a wild conjecture scenario, if you are audited and you choose to explain the 'customer' story, their investigation is certainly going to widen to your 'customer' ... which could escalate into all sorts of complications !!! To 100% protect yourself re the 'aiding and abetting' issue, you may be forced to 'plead the 5th' to avoid pointing the IRS ( thus other LE ) toward your 'customer' ... at which point the IRS could assume that you are lying about your own income and stick you with a bill for additional taxes on the additional income necessary for you to be able to afford the new car out of your own earnings !

    I have 3 words for this situation ... ten foot pole !

    The only possible exception would be if you are positioned to take advantage of being the registered owner of the vehicle to sell it immediately, pocket the cash, and move 1000 miles away where your 'customer' isn't likely to find you !

    ~
    Last edited by Melonie; 02-26-2010 at 04:44 PM.

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