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re: Gift Tax for a yacht?

Posted on 8/28/13 at 2:07 pm to
Posted by southernelite
Dallas
Member since Sep 2009
53274 posts
Posted on 8/28/13 at 2:07 pm to
quote:

Why?



Sounds like he's trying to protect it from community property laws?
Posted by jsquardjj
Member since Oct 2009
1331 posts
Posted on 8/28/13 at 2:28 pm to
quote:

Sounds like he's trying to protect it from community property laws?


Yes, this is one of the reasons.
I just want to make sure I cannot get hurt by accepting it in my name. He trusts me extensively, and I can use it as much as I see fit. Unless I am getting hit by the IRS, I don't see a problem with it.
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