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Financial Planning / Tax Strategies
|Subject: Re: Tax implication on receiving a car||Date: 7/26/1999 2:04 PM|
|Author: Bob78164||Number: 17670 of 122842|
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?
Not for purposes of federal income taxes. However, your state may have a tax on personal property, and your state's Department of Motor Vehicles will likely have reporting requirements in connection with the change of title, which may include a transfer tax. --Bob
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