Reply to Gifting $24,000 car to son

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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Just give him the car.  Nobody is going to come after anyone for this.  Do nothing.[/quote]

This. Keep it in your name OP, kid pays for insurance/etc. himself. [/quote]

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.[/quote]

This.  The IRS isn’t checking this kind of thing.  [/quote]

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

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. [/quote]

Yeah, the people all in a twitter about "unethical" behavior and "breaking the law" are nuts.  The IRS doesn't have enough people to properly process taxes, much less audit people for giving cars to their kids. Plus, even if this somehow did come to their attention, it's not like OP or the son would owe any tax now -  it's filing a form.

Relax, people.  [/quote]

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