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Financial Planning / Tax Strategies


Subject:  Tax implication on receiving a car Date:  7/26/1999  9:31 AM
Author:  ChrisPRocks Number:  17662 of 127522


Well, I have a question but first I will provide
some background information.

My parents bought me a car back in '95 while I
was in college. The car is currently registered
to my mother. Since that time I have made
irregular payments to them for the car. They are now
signing the title over to me.

How do I figure out the taxes I will have to pay? If any?

Do I need to prove that I have 'paid' for the car?
If so, how? (all the payments were different and at different times)

Anything I can do to reduce the taxes I will have to pay?

Any info you can provide that I might not have
considered would be greatly appreciated too.

Thanks a lot!

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