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Giving/Donating Used Vehicle To Immediate Family Member
Posted on 12/19/15 at 3:46 pm
Posted on 12/19/15 at 3:46 pm
See title.
I currently own a Toyota Tacoma 2008 Pre-Runner. 70k miles, estimated resale value anywhere from $15-$17k
I bought a new truck for myself today. Obviously I will itemize the sales tax for my benefit.
I want to give the 2008 Tacoma to my mother. Her current car is nearly 14 years old and is giving out. Other than the standard signing over of the vehicle to her, what tax implications both positive/negative, for myself and my mother?
2008 truck is paid for.
I currently own a Toyota Tacoma 2008 Pre-Runner. 70k miles, estimated resale value anywhere from $15-$17k
I bought a new truck for myself today. Obviously I will itemize the sales tax for my benefit.
I want to give the 2008 Tacoma to my mother. Her current car is nearly 14 years old and is giving out. Other than the standard signing over of the vehicle to her, what tax implications both positive/negative, for myself and my mother?
2008 truck is paid for.
2
Posted on 12/19/15 at 5:25 pm to dcrews
standard "gift" limitations?
Posted on 12/20/15 at 8:57 am to dcrews
Very easy to do.
Little to no tax liability for her. Go to a local title transfer place and it might cost $100.
If you were in Mandeville I could tell you where to go.
Little to no tax liability for her. Go to a local title transfer place and it might cost $100.
If you were in Mandeville I could tell you where to go.
Posted on 12/21/15 at 11:11 am to VetteGuy
quote:
Go to a local title transfer place and it might cost $100.
That's what I plan on doing. I am currently in Baton Rouge, but mother lives in LaPlace.
I'm just going to itemize for the sales tax on the purchase and call it a year.
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