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Started By
Message
re: "Gifting a boat" to someone.......
Posted on 8/13/12 at 5:00 pm to AlxTgr
Posted on 8/13/12 at 5:00 pm to AlxTgr
quote:
Why would you gift something to someone to avoid paying a tax you don't have to pay anyways?
Because you want to structure it so they don't get effed in the transaction too. It's the "nice" thing to do.
quote:
The $13K gift tax applies to income taxes.
No it doesn't. Gift tax is completely separate from the income tax
quote:
agencies don't really care
Treasury would, but probably not likely to find out
The trailer appears to be taken care of. You might can agree that the gift is only worth $13k, but still not the "correct" way to do it. Bottom line is that it wouldn't be your problem IF it was even caught.
1
Posted on 8/13/12 at 5:19 pm to xenon16
quote:
Gift tax is completely separate from the income tax
my bad. you right.
quote:
Bottom line is that it wouldn't be your problem IF it was even caught.
If he is the donor or the donor's heirs, it would be his problem.
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