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re: "Gifting a boat" to someone.......
Posted on 8/13/12 at 5:19 pm to xenon16
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.
1
Posted on 8/14/12 at 6:46 am to Motorboat
Got the scoop from DWF. Bottom line its going to cost about $45 for the donee to register the boat in his name (no taxes due). Although LA is trying to start a boat title program, most boats including this one dont have a title.
And the trailer title is being transferred to the donee via act of sale for $200 so registrations fees/taxes will be minimal.
And the trailer title is being transferred to the donee via act of sale for $200 so registrations fees/taxes will be minimal.
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