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Author: gailkay One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: Senior Parent's Hypothetical: Gift? Date: 6/25/2001 2:15 AM
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What I'm wondering is whether, in this case, the IRS would see it as our car, given but not declared as a gift (i.e., they would be over the gift limit and subject to gift tax)?

If your in-laws pay for the car, keep the title in their name, pay for annual registration, all maintenance, insurance, gas etc. I sincerely think the IRS could give a big hoo-haw where your in-laws "garage" the car or who drives whom and when or how much.

Really. Unless your in-laws have gifted $675,000 OVER the annual $10,000 per person limit, they wouldn't owe any tax anyway, so the IRS couldn't care less.

Gail~
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