Reply to Gifting $24,000 car to son

Forum Index » Money and Finances

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][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]

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

Nah.  No one knows the condition of a car and the value is what someone is willing to pay.[/quote]

I'm obviously assuming her $24k is accurate. If the car is worth something like $10k, she wouldn't be asking.[/quote]

When it comes to used cars there is no such thing as “accurate”. It all depends. [/quote]

You are being pedantic or obtuse. There are accepted ways to value a car like appraisals or private party value on one of the valuation websites. Those methods will account for mileage, condition, etc. OP can't just declare the car to be worth less than $19k to make the issue go away.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics