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Author: eagle38 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121482  
Subject: Gift Tax Date: 8/5/2001 7:20 PM
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If I give my nephew 12,000.00 to buy a car do I have to pay any taxes? How could this benefit me in any way during tax season?
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Author: phooley Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 53090 of 121482
Subject: Re: Gift Tax Date: 8/5/2001 8:51 PM
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Eagle38,

If I give my nephew 12,000.00 to buy a car do I have to pay any taxes?

Do you or your nephew have a spouse who would be willing to make/receive a gift of between $2,000 and $6,000 to help facilitate this matter?

How could this benefit me in any way during tax season?

By any chance, might your nephew be a man of the cloth?   ;-)

Ron Donnell/Phooley

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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 53091 of 121482
Subject: Re: Gift Tax Date: 8/5/2001 9:41 PM
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If I give my nephew 12,000.00 to buy a car do I have to pay any taxes? How could this benefit me in any way during tax season?

If neither you nor your nephew is married you'd have a $2,000 taxable gift. You'd have to file a gift tax return, but since you've never encountered this before you wouldn't be actually paying any tax. Rather, you'd use a bit of your unified credit.

There is no income tax consequence to you or your nephew.

Phil Marti
VITA Volunteer

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