What is the cheapest way to transfer a car title in Florida?

Question

I live in Florida and I am buying a car from a friend. I was wondering what would be the cheapest way for both of us to transfer the title. Should we do it as a gift or insert a buying amount?

Answer 1

Purchase amount. The gift won't apply unless it's family.  Also then you might have to pay federal tax on the gift.  Also do not tax fraud yourself.