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

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Don’t even have to do that…give him the car…change the title. Nobody cares. It’s not something anyone would care about unless you file the gift tax form and now get on the radar.

This. The IRS isn’t checking this kind of thing.

More really horrible advice. “Take it, you won’t get caught.” Also very unethical.

First of all, this kind of transfer of used vehicles from parent to child has been going on for generations. We did ours several times at AAA. There is no sale, just a transfer of title. There is even a box to check if it involves a family member. If you want to make things complicated for yourself, go ahead.

Yeah I don't get it. Why can't you add your son to the title now, and then later remove yourself from the title? Do you both use the car now?

This.

Too many Ned Flanders in this thread bending over to over-obey "da laws" and such.

[Anonymous]

Anonymous wrote:

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.

Don’t even have to do that…give him the car…change the title. Nobody cares. It’s not something anyone would care about unless you file the gift tax form and now get on the radar.

True. But what's the benefit of changing the name on the title? Doesn't' that cost a fee? Why pay it for no reason.