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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.
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.
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.
When receiving a car as a gift do you need to pay taxes?
You will pay some kind of tax.
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.
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
When a person's name is added to a deed at no cost is this a gift and are the required to pay gift taxes?
Yes, it could be considered a gift, although the deed may recite "for good and valuable consideration," which undermines that presumption. In any case, there are no taxes payable by the recipient of a gift; any taxes on gifts are accrued to the person GIVING the gift.
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 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.
