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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 121219  
Subject: Re: Tax implication on receiving a car Date: 7/26/1999 12:05 PM
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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
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