ChrisPRocks writes: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?I reply: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
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra