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Author: ChrisPRocks Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121178  
Subject: Re: Tax implication on receiving a car Date: 7/26/1999 1:39 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

*********************************************
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?

Thanks for you help!!!
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