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Many states do not require you to pay tax on a "gift" vehicle. http://www.dmv.org/title-transfers.php www.dmv.org DMV.ORG - The Unofficial Guide to the DMV
The above refers to a state sales tax. And certainly, if it was any other piece of normally sales taxable tangible personal property, say a piece of art, it would even then also incur no sales tax.
For income tax purposes (both Fed & State) - the grandson does not have to pay any income tax on this gift.
Gifts up to 11,000 per person per year are exempt from gift tax. So each you and your wife may give that amount each year (22K per) person without any gift tax considerations. If the gift is worth substantially more than that, you can gift him that amount per year for a few years to get the job done! (There may be estate tax concerns over the lifetime giving credit, if you anticipated estate is large).
It is common in estate planning to establish a system where the estate gives these gifts regularly to reduce the potential estate (inheritance) tax free..or reduce the estate to below a point where other taxes are required.
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Does a car use the three laws of motion?
yes it does
How does the speed of a car affect the loudness of the sound it produces?
casue of the wind hitting the car
How can a car affect the carbon cycle?
It can just by affecting it.
How has Newton's law of motion affected us today?
Newton's law of motion affects everything we do that includes motion, including driving a car. The laws describe how forces affect motion and they are used to calculate acceleration of objects and provide an understanding of gravity.
If the tempeture is -53 with the wind chill does this tempeture affect a car?
When temperatures are -53 with the wind chill, it can affect a car. The cold temperature can make the car hard to start, the engine will be slow to warm up, and the rubber on the tires can harden causing the tires to lose grip.
Can you add your grandson to your car insurance policy?
Yes, you can add your grandson to your car insurance policy. Speak to your insurance broker.
Car was giving to you by in-laws car co not insurance co but car co wrote car of after Katrina you change all the fluid in car and plugs car runs great how do you get titles in your name?
test
Will newtons second law of motion affect a CO2 car?
Yes, if you're using the co2 car on Earth. All of Newton's laws will affect every moving object on Earth, and your co2 car is no exception.
Explanation of how friction and gravity affect the distance taken for a toy car to stop after rolling down a hill?
pls iask you a question you are giving me to answer
Has Rev Wright's grandson died?
Yes, his 14-year-old grandson, D.J., died at Geisinger Medical Center in Danville after the car accident which also killed Wright's wife and the driver of the other car.
If I give my grandson my old car can I put him on my insurance?
You need to speak to your agent. Are you giving the car totally to him, (signing title over in his name? which would be wise). Does he reside in your household? Or are you keeping it and he is just going to be a principle driver? Contact your agent or policy services to see what is the best thing for you to do.
Who car is giving the top average in India?
Hyundai is giving the average car in India.
How do i change the name on the title of my used car in il if i want to give it as a gift to my grandson in ga?
As in most any state, you "virtually" sell the car to your grandson (no money changes hands) by signing off on ownership (title) and he becomes the buyer. The title is then taken down to your MVD and re-registered in the grandson's name.
How may this affect your car?
how may what affect your car?????
Are there tax implications for giving a car to a friend?
There are not any tax implications for giving a car to a friend. Once you give the car to your friend, they are responsible for the car.
Can you put 18 year old grandson on your car insurance if he does not live with you?
Yes, you can. List him as a driver.
Can a grandson be to added to grandparents car insurance?
Yes, any resident of the household should be added to the policy.
