The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Tax implication on receiving a car Date:  7/26/1999  1:39 PM
Author:  ChrisPRocks Number:  17669 of 127745

TheBadger writes:

Sounds like a gift to me & presuming that the value of the car now (at time of the gift) is under $20k, no taxes due.

I reply:

In any event, the recipient will owe no taxes. The giftor(s) might have to worry about a reduction in the unified gift/estate tax credit if the value of the car is more than $10,000 per giftor at the time of the gift. I believe that you're assuming that there are, in fact, two giftors, and given that title is in the mother's name, that may or may not be true. --Bob

Assuming that the car's value is well under
the $10,000 limit then I guess it will be
considered a 'gift'

Do I (or my parents) have to report this 'gift'
when filing our taxes in any way?

Thanks for you help!!!
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us