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Author: Bob78164 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: Tax implication on receiving a car Date: 7/26/1999 2:04 PM
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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
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