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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 124773|
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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