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Relationship Discussion (non-explicit)
Reply to "Is it ok to accept an expensive car from the in-law?"
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[quote=Anonymous][quote=Anonymous]He should have asked you what you would like rather than just buying it for you. It’s certainly ok to accept it but it’s pretty dumb on his part to assume it is a car that meets your needs. [b]The IRS would love to know about this as the gift exceeds the $15,000 limit. [/quote][/b] That’s not a problem as there are many ways, all legal, around that issue. The lifetime exclusion rule is one solution. [/quote]
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