Message Font: Serif | Sans-Serif
No. of Recommendations: 0
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.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.