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Car being gifted to us, best way to go about it..
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Car being gifted to us, best way to go about it..
We need to get plates for a car we are being gifted from our parents. It has Kelly book value of 10 or 11k. What is the best way tax wise to go about this?
Should we say we paid something for it and pay tax on that amount? What is the least we can say we paid ? If we say it was a gift we will have to pay tax, right?
If you have knowledge on best way to handle this please advise, thanks!
Message edited 8/9/2015 2:41:06 PM.
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Posted 8/9/15 2:07 PM  |
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nicksmom12
LIF Infant
Member since 9/13 142 total posts
Name:
C
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Re: Car being gifted to us, best way to go about it..
You just have this filled out its ok to get a gift from parents its third parties that arise suspicion of evading tax on the sale
Sorry hyper linking doesn't work it restarts my browser
http://dmv.ny.gov/forms/dtf802.pdf
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| Posted 8/9/15 2:58 PM |
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jerrysgirl
I love my hot dog!!
Member since 6/06 5357 total posts
Name:
E & J
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Re: Car being gifted to us, best way to go about it..
13k or something like that is free of gift tax. we were gifted a car from my parents last year and it was free of tax.
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| Posted 8/9/15 3:09 PM |
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BsMomma2014
Fly high little one
Member since 6/10 2662 total posts
Name:
nicole
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Re: Car being gifted to us, best way to go about it..
Posted by jerrysgirl
13k or something like that is free of gift tax. we were gifted a car from my parents last year and it was free of tax.
This exactly
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| Posted 8/9/15 8:00 PM |
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