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re: "Gifting a boat" to someone.......
Posted on 8/13/12 at 2:34 pm to xenon16
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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