I have a car registered in Connecticut. I want to give the car to my sister in Oregon. The blue book value of the car is approximately $5000. (It will be a very generous gift - but the car was a gift to me from our dad anyway, so I suffer no real net loss.) I am wondering about the logistics of changing the car's ownership, especially from a tax perspective. Should I give it to her as a gift, or sell it to her at a very low price (say, $1, $50, $100)? What issues are there for me to keep in mind, tax-related or otherwise?
No logistics, just sign the title. Gifts under $14K (as of 2015) (total per year per person you give gifts to) are tax exempt. If you're not going to give any more cars to your sister this year - you're good to go.