- My Forums
- Tiger Rant
- LSU Score Board
- LSU Recruiting
- SEC Rant
- SEC Score Board
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Paying taxes on a gifted privately sold vehicle
Posted on 2/10/16 at 9:45 am to Books
Posted on 2/10/16 at 9:45 am to Books
quote:
how is this determined? Selling privately, I'm able to sell it for significantly more than the KBB value.
If it is a unique, high end, specialty car, I would have gotten an appraisal at the time of the gift to establish the FMV.
If it's just a standard everyday vehicle, I would use KBB private party value at the time of the gift to establish that.
I am impressed that you can sell it for significantly more than KBB value. You must have an idiot for a buyer =)
1
Posted on 2/10/16 at 10:23 am to LSUFanHouston
quote:
If it's just a standard everyday vehicle, I would use KBB private party value at the time of the gift to establish that.
I'm betting KBB at the time of the gift may still be less than what I'm selling for now. However, if my parents had sold it privately at the time of gift, then they'd have gotten more than I will now.
Is this something I need to worry about with the IRS/DMV looking into?
This post was edited on 2/10/16 at 11:45 am
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News