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Reply to "Gifting $24,000 car to son—Gift tax exclusion "
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[quote=Anonymous][quote=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. [/quote] Have your son buy it for a dollar. That's what my parents did to get around this.[/quote]
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