I am trying to break free and be an independent self, and I couldn't find a similar topic like this on the Exchange.
[Virginia] My parents got a Nissan Altima 2015 and I have slowly been putting money in a joint account. ~$2o,ooo. My parents took it out and did whatever they wanted to do with that money.
I recently asked for the title and am trying to begin the transfer process. Perhaps I am confused by my family's cultural norms and the disconnect between the 'payment time' (over the course of several months) and the 'transfer time' (now...?).
Does this still count as a purchase? Or as a GIFT?
I have read the DMV site, as well as some other blogs (GIFTS are < $14,ooo), but I'm still hesitant to sign the wrong forms and have it bite me in the back later as none of them rang true to my situation.
EDIT: Attempting to add more information in a summarized list:
- $20K is about how much they paid for the NEW car
- I have been using it this entire time (part of my disconnect with it being a 'sale')
- KBB lists it as about 9.5k trade in value