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"Gifting" a car

Discussion in 'Anything goes' started by always_looking, Jan 14, 2009.

  1. Need a little help/advice. I want to gift a car to a friend. 2002 Trailblazer, Kelly Book Value of about $6G. Since it's a non-relative, does that create problems or send up IRS red flags or anything like that? Any insight is greatly appreciated.
  2. waterytart

    waterytart Active Member

    You're fine. The current gift tax exclusion equivalent is $12,000. (FYI: if you exceed that amount, the tax is owed by the donor, not the recipient. Most people don't realize that.)
  3. BYH

    BYH Active Member

    Do you need any other friends? :D
  4. tart, thanks for the insight.

    BYH, in this day and age, friends and family are the best things about our lives, so whether I gift a car or not, brother I'll take all the friends I can get. Especially 99% of the people on this board.

    I pick and choose my spots to post, as you can see by the low total, but I've been a writer for 23 years and I've been on this board every day for about the last 6 or 8 of those. Whether you all know it or not, man you've gotten me through a few rough times with insight, banter, humor and just some good talk.

    Yeah, even you slappy, going back to our Michigan days. :D
  5. BYH

    BYH Active Member

    Oh. Well I've got good friends, I could just use a better car. So thanks but no thanks. :D

    I was actually gifted my car by my mother-in-law but can't remember the paperwork--it was no big deal at all, I just can't remember the forms and what not we had to fill out--so I'm glad waterytart had the info.
  6. Baron Scicluna

    Baron Scicluna Well-Known Member

    I'm pretty sure I just read somewhere that the tax exclusion is $12,000 for individuals, $24,000 for married couples. Someone please correct me if I'm wrong on this.
  7. waterytart

    waterytart Active Member

    Baron, it's $12,000 per donor per donee. In English: you can gift up to $12,000 each to an unlimited number of recipients. Your spouse can do the same. It's an annual exclusion, not lifetime, so you could continue the gifts every year.
  8. deskslave

    deskslave Active Member

    Mr. Hadley, do you trust your wife?
  9. zeke12

    zeke12 Guest

    Well fucking played, sir.
  10. buckweaver

    buckweaver Active Member

    Well. Played. :D
  11. Fucking awesome.
  12. Rhody31

    Rhody31 Well-Known Member

    My uncle gave me a car and I had to pay a minimal tax on it. On a 6K car, it won't be too much.
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