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re: Paying taxes on a gifted privately sold vehicle
Posted on 2/10/16 at 9:20 am to Poodlebrain
Posted on 2/10/16 at 9:20 am to Poodlebrain
quote:how is this determined? Selling privately, I'm able to sell it for significantly more than the KBB value.
or the FMV of the property at the time of the gift
1
Posted on 2/10/16 at 9:45 am to Books
quote:
how is this determined? Selling privately, I'm able to sell it for significantly more than the KBB value.
If it is a unique, high end, specialty car, I would have gotten an appraisal at the time of the gift to establish the FMV.
If it's just a standard everyday vehicle, I would use KBB private party value at the time of the gift to establish that.
I am impressed that you can sell it for significantly more than KBB value. You must have an idiot for a buyer =)
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