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re: "Gifting a boat" to someone.......
Posted on 8/13/12 at 1:33 pm to The Mick
Posted on 8/13/12 at 1:33 pm to The Mick
I boat isn't registered with the DMV.
If it is a gift, there is no sales tax.
If it is less than $13,000 value (not the dollar amount on the sheet of paper) there is no gift tax. Although if it is more than $13,000, there are ways around it too. Specially if pops is married (the 13 doubles if community property and done properly).
If it is a gift, there is no sales tax.
If it is less than $13,000 value (not the dollar amount on the sheet of paper) there is no gift tax. Although if it is more than $13,000, there are ways around it too. Specially if pops is married (the 13 doubles if community property and done properly).
2
Posted on 8/13/12 at 1:37 pm to xenon16
quote:This is what I need you to tell me. The value is over 13k but it is truly being gifted not sold.
Although if it is more than $13,000, there are ways around it too.
Posted on 8/13/12 at 2:34 pm to xenon16
quote:
gift tax
I think you are confusing the OP with what kinds of taxes you're talking about. There is NO sales tax to be paid on a boat that was gifted you because there is no sale.
The $13K gift tax applies to income taxes. The donor can give $13K annually and deduct this income from his tax liability. Likewise, as i understand it, you can receive $13K as a gift from an individual and not pay taxes on this "income". someone correct me if I am off on the last point.
This post was edited on 8/13/12 at 2:36 pm
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