Legal Question in Wills and Trusts in Virginia
My mother, who lives in Florida, is offering to give me the money to buy a new car. The car will cost roughly $26,000 before titling and taxes. Which would incur the least amount of taxes - giving me the money directly, or her purchasing the car and then transferring the title to me?
Asked on 8/17/10, 5:03 pm
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Probably, the former, as IRS rules allow the first $10K to be considered as
a tax free gift to you from your mother in the year that it is given.
Answered on 8/28/10, 6:54 am
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