0
When giving a car as a gift does the receiver have to pay taxes in Ky?
Wiki User
∙ 13y ago
The receiver of a qualified gift does NOT have pay any federal income tax on the value of the car as a gift. BUT the receiver will have to pay some taxes to the DMV when the car is registered in the new owner name in the state and to get the new license plates, etc.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Do you have to pay taxes on a gift that was given to you?
Federal gift taxes are not paid by the recipient. However, in the rare case where the donor does not have the resources to pay gift taxes they may owe, the IRS might try to recover some or all of the gift from the recipient. Since you posted this question in the Car Buying category: Some states may impose a sales tax on the Blue Book value of the car being transferred. This is a matter of state law and you should check with your DMV for details.
If a person purchases a car for you as a gift how do you keep the gift if the person dies?
If the person who died didnt put the title in your name, (in which case it wasn't a gift to you, but just them allowing you to use their car) the car becomes part of the decedents estate.
What can you itemize on your taxes?
Medical and dental expense greater than 7.5% of your adjusted gross income; Interest payments on your Home mortgage; property taxes for your home and car; charitiable giving; and certain unreimbursed business expenses. Generally if you do not have very large medical bills or own a home, then you probably are better off taking the standard deduction.
Can you deduct the purchase of a used car from your taxes?
No. But an uninsured vehicle loss can be.
What is the journal entry to give a car for rent?
No entry for giving car on rent rather entry is recorded when rent is received from customer.
What taxes do you pay if giving a car as a gift in NC?
You don't pay the taxes, the person receiving the car as a gift does.
When giving a car as a gift what taxes does the person receiving the gift have to pay in Texas?
There is a $10.00 gift tax but the receiver must also pay a $28.00 title fee and depending on if your gifting a truck or a car the registration fee will vary.
When giving a car as a gift what taxes does the person receiving have to pay you n Florida?
in Florida just state tx when registured
When giving a car as a gift in Texas is a mother-in-law considered a parent?
No, you can only give a car to a immediate family member and not pay taxes on the gift. A mother-in-law is not a legall family member.
When giving a car as a gift what taxes does the person receiving the gift have to pay in Arkansas?
If it is valued at under $11,000 then you dont have to. If it is more than that - either say it is valued under $11,000 or you will have to pay tax - but it is not the person that receives it that pays the tax it is the person giving it away.
Can you revive a car as a gift would there be taxes on it in New York?
I'm not sure about the State of New York taxes but if the value of the car was $14,000 or over then a gift tax return would be required by the person who is gifting the car and gift taxes would have to be paid. The giver of the gift is responsible for filing such a return and paying the taxes. The penalties are steep on this type of thing so you need to make sure the laws are obeyed on this.
How do you transfer car to sister?
In most US states, go to a title agency and fill out the necessary paperwork. They charge about ($50.00) for the transfer - not including the charge in your state. Also, if you are giving the car as a gift, there are usually no taxes to be paid.
Do you have to pay taxes on a car that is a gift?
Someone has to pay taxes, yes. Contact your local Bureau of Motor Vehicles.
What do you do if the dealership went bankrupt without giving you a title or bill of sale?
you went to a car dealership, didnt you? You DIDNT go to a casino. Did you sign a loan contract?? The B/K trustee and the manu. of the car will be looking for the car. Dont worry you wont have to pay TAXES on the gift of the car.
Do I have to pay taxes on a car I received as a gift?
If it's in your name Yes you do.-------------------------------------------------------------------------Yes, the gift is income and must be reported on both your Federal and State income taxes (Local income taxes too if you have those), if its value exceeds the gift limit.The value of a new car will definitely exceed this limit and will have to be reported. A used car may not have to be reported, if it is old enough.Check with a tax professional if you have trouble finding the gift limit to check if you must report the gift income on your returns.
When receiving a car as a gift do you need to pay taxes?
You will pay some kind of tax.
Does giving a car away count as a sale?
I don't believe so its considered a "gift"
