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Reply to "Gifting $24,000 car to son—Gift tax exclusion "
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[quote=Anonymous]Valuation of cars +/-$5000 is very subjective. This is not an ethics question. Even if you were worried, the IRS would have a very hard time coming after you, because they wouldn’t be able to hire someone to evaluate the condition of the car in this particular year that you are gifting it. By next year, the car could be worth $2k (eg if it is involved in an accident) — there’s simply no proof mechanism. Just transfer it and stop worrying. It’s not like you are trying to gift a Ferrari. [/quote]
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