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Started By
Message
re: "Gifting a boat" to someone.......
Posted on 8/13/12 at 2:35 pm to DownshiftAndFloorIt
Posted on 8/13/12 at 2:35 pm to DownshiftAndFloorIt
Oh boy.... 
1
Posted on 8/13/12 at 2:36 pm to GreatLakesTiger24
I've always thought having to pay hundreds of dollars to register your vehicle/RV/Boat in a new state was ridiculous , also.
Posted on 8/13/12 at 2:38 pm to AlxTgr
So somebody already addressed that?
Posted on 8/13/12 at 2:39 pm to DownshiftAndFloorIt
This thread is hilarious.
Posted on 8/13/12 at 2:40 pm to AlxTgr
I'm lost. And I refuse to read the first page.
Posted on 8/13/12 at 2:41 pm to DownshiftAndFloorIt
It's funny because no one on here knows wtf they are talking about. Typical day on the OB!
Posted on 8/13/12 at 2:43 pm to Motorboat
Post 1 is a gift. Post 5 is a simulated sale. Hell, I don't know what Mick wants to do.
Look, just sell it for dirt. None of the agencies car.
Look, just sell it for dirt. None of the agencies car.
Posted on 8/13/12 at 3:00 pm to AlxTgr
I think we will write it up as a gift for less than 13k. Im confused as hell and Ive read the thread three times now....
Im confused as hell and Ive read the thread three times now....Posted on 8/13/12 at 3:03 pm to The Mick
What will you present to the DMV? Act of donation of a moveable?
Posted on 8/13/12 at 3:03 pm to The Mick
Let's start here: Are you trying to avoid taxes for the donor or for the donee?
ALX--hold on brah! we are not asking the right questions. you're an atty too, right?
ALX--hold on brah! we are not asking the right questions. you're an atty too, right?
This post was edited on 8/13/12 at 3:05 pm
Posted on 8/13/12 at 3:10 pm to AlxTgr
quote:Bill of Sale for low value (like $300 or so...) for the trailer.
What will you present to the DMV?
Posted on 8/13/12 at 3:10 pm to Motorboat
quote:Both. Either/or.
Let's start here: Are you trying to avoid taxes for the donor or for the donee?
Posted on 8/13/12 at 3:20 pm to The Mick
OK, you're good then.
Posted on 8/13/12 at 3:29 pm to The Mick
quote:
Both. Either/or.
Ok--then see my previous post. What is the value of the boat? Is the donor married?
Posted on 8/13/12 at 3:31 pm to The Mick
Ac t of donation
Posted on 8/13/12 at 3:34 pm to brass2mouth
quote:
Ac t of donation
Daylower, please stop.
Posted on 8/13/12 at 3:36 pm to Motorboat
quote:Value of the boat is approx 22k or so. Donor is not married.
Ok--then see my previous post. What is the value of the boat? Is the donor married?
Posted on 8/13/12 at 4:43 pm to The Mick
quote:
Value of the boat is approx 22k or so. Donor is not married.
OK. Again. The donee will not be responsible for any "taxes" but may have to pay some fees to transfer title for boat and trailer.
The donor can gift up to $13K annually to any individual. There are ways around it, but I'm not interested in posting them. see ALX's responses that the agencies don't really care.
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.
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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