Gifting $24,000 car to son—Gift tax exclusion

[Anonymous]

I own the car now and the title is in my name alone. I plan that give it to my son later this year. I am married, but my husband is not on the title.

Assuming the car is still worth $24,000, is this gift considered within the 2x $19,000 annual gift tax exclusion? Or is it a gift just from me since my name is on the title (and my $19,000 exclusion)? I don’t want to file the gift tax form with taxes next year.

[Anonymous]

Just make him buy it from you for $1 or whatever

[Anonymous]

I don't know, but why not just add your husband to the title now?

[Anonymous]

Anonymous wrote:I own the car now and the title is in my name alone. I plan that give it to my son later this year. I am married, but my husband is not on the title.

Assuming the car is still worth $24,000, is this gift considered within the 2x $19,000 annual gift tax exclusion? Or is it a gift just from me since my name is on the title (and my $19,000 exclusion)? I don’t want to file the gift tax form with taxes next year.

Have your son buy it for a dollar. That's what my parents did to get around this.

[Anonymous]

Just give him the car. Nobody is going to come after anyone for this. Do nothing.

[Anonymous]

Anonymous wrote:I don't know, but why not just add your husband to the title now?

OP here—I could do that, just trying to figure out if I need to. I should have done it when I bought the car.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I own the car now and the title is in my name alone. I plan that give it to my son later this year. I am married, but my husband is not on the title.

Assuming the car is still worth $24,000, is this gift considered within the 2x $19,000 annual gift tax exclusion? Or is it a gift just from me since my name is on the title (and my $19,000 exclusion)? I don’t want to file the gift tax form with taxes next year.

Have your son buy it for a dollar. That's what my parents did to get around this.

That doesn't get around gift tax issues. She would be gifting him $24k-$1.

[Anonymous]

Anonymous wrote:Just give him the car. Nobody is going to come after anyone for this. Do nothing.

This. Keep it in your name OP, kid pays for insurance/etc. himself.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just give him the car. Nobody is going to come after anyone for this. Do nothing.

This. Keep it in your name OP, kid pays for insurance/etc. himself.

There are people who want to be ethical regardless of whether they might get caught.

[Anonymous]

Sell it to him for market price. Loan him the money to buy it. Forgive the loan over several years.

[Anonymous]

There is no gift tax!!

[Anonymous]

Anonymous wrote:I own the car now and the title is in my name alone. I plan that give it to my son later this year. I am married, but my husband is not on the title.

Assuming the car is still worth $24,000, is this gift considered within the 2x $19,000 annual gift tax exclusion? Or is it a gift just from me since my name is on the title (and my $19,000 exclusion)? I don’t want to file the gift tax form with taxes next year.

when was the $24k assessment?

[Anonymous]

Anonymous wrote:There is no gift tax!!

OP correctly mentioned the paperwork she would have to fill out if she can't double the exclusion using her spouse. She never said she'd owe tax.

[Anonymous]

Anonymous wrote:There is no gift tax!!

Just thinking the same..

[Anonymous]

Anonymous wrote:There is no gift tax!!

OP here—Yes, I know it won’t be taxed now. But, I don’t want to exceed the annual exclusion. There will be a very small chance we will be subject to federal estate tax eventually (markets are great or limits reduced).