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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 receiving a car as a gift do you need to pay taxes?
You will pay some kind of tax.
When giving a car as a gift does the receiver have to pay taxes in Ky?
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.
Your parents bought you a car for 13000 the title is in your name do you have to pay taxes on it?
Yes. If they buy the car then gift it to you, then they will have to pay upfront, and then can deduct a certain amount. But someone will pay.
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.
If someone gives you a car as a gift how much sales tax would you pay to register in Florida?
You should not have to pay sales taxes in Florida if it was a gift. Cloud Chaserz
Do you have to pay taxes for receiving a car?
Yes, its considered a "gift tax" but you need to pay it im not sure what the rate is but im guessing it takes into consideration the car and the year etc.
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.
Do you have to pay taxes on a 12000 gift?
Yes.
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
Do you have to pay taxes if you win a car?
If you win a car you are responsible to pay taxes in the state where you live.
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.
