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Started By
Message
"Gifting a boat" to someone.......
Posted on 8/13/12 at 1:12 pm
Posted on 8/13/12 at 1:12 pm
Have any of you ever gifted a boat to someone? How do you structure the transaction so as to avoid taxes?
6
Posted on 8/13/12 at 1:12 pm to The Mick
quote:what taxes?
avoid taxes?
Posted on 8/13/12 at 1:15 pm to The Mick
It is a bitch.
When my father gave me my Whaler, we put $1000 on the title transfer.
Act of donation is more paper work I think. It has been a while. Not sure.
When my father gave me my Whaler, we put $1000 on the title transfer.
Act of donation is more paper work I think. It has been a while. Not sure.
Posted on 8/13/12 at 1:17 pm to The Mick
Just write the Boat Trailer bill of sale for One Dollar. If I'm correct you only have to pay taxes on the Trailer.
This post was edited on 8/13/12 at 1:21 pm
Posted on 8/13/12 at 1:24 pm to hogdaddy
quote:Yea im good with the trailer/ DMV deal and will just put low value and pay a few bucks. More worried about the boat
Just write the Boat Trailer bill of sale for One Dollar. If I'm correct you only have to pay taxes on the Trailer.
(Fin - is there no taxes on a boat transfer?)
Posted on 8/13/12 at 1:32 pm to The Mick
an act of donation is not a big deal. You can pull one off the internet. I do not think you have to pay taxes on a gift transfer, but you may have to pay for registration fees.
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).
Posted on 8/13/12 at 1:34 pm to The Mick
My only question would be how the DMV sees the trailer transfer. There are no forms for this on the DWF site.
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 1:37 pm to AlxTgr
Alx - the DMV is for the trailer, the DWF is for the boat registration.
Posted on 8/13/12 at 1:38 pm to The Mick
is the boat already registered in LA?
Posted on 8/13/12 at 1:40 pm to The Mick
quote:No shite, but the trailer is the only thing where value matters. Only thing subject to tax.
Alx - the DMV is for the trailer, the DWF is for the boat registration.
Posted on 8/13/12 at 1:43 pm to AlxTgr
quote:
Only thing subject to tax.
does it matter if it's an out of state boat though?
Posted on 8/13/12 at 1:44 pm to Chad504boy
Not if used.
Posted on 8/13/12 at 1:53 pm to The Mick
Not trying to bring politics in this, but the taxes and paperwork on this kind of stuff is outrageous.
Posted on 8/13/12 at 2:21 pm to GreatLakesTiger24
True gift:
One person may gift up to $13,000 of value or cash to any one person without having to file a Federal gift tax return in a calendar year.
If it is comm property, they can gift together $26k to one person. But if my mom and dad want to gift me and my wife cash/property, that's 4 people @ $13k = $52k.
If you exceed any of these, you could do a partial gift this year, then the remaining portion next year. Or if not splitting it up, the giver could file the gift tax return and use a portion of their lifetime limit for estate and gift taxes. The receiver is never responsible for gift taxes.
FYI: LA has no estate/gift tax anymore
Hope it helps, but let me know if you need more info
One person may gift up to $13,000 of value or cash to any one person without having to file a Federal gift tax return in a calendar year.
If it is comm property, they can gift together $26k to one person. But if my mom and dad want to gift me and my wife cash/property, that's 4 people @ $13k = $52k.
If you exceed any of these, you could do a partial gift this year, then the remaining portion next year. Or if not splitting it up, the giver could file the gift tax return and use a portion of their lifetime limit for estate and gift taxes. The receiver is never responsible for gift taxes.
FYI: LA has no estate/gift tax anymore
Hope it helps, but let me know if you need more info
This post was edited on 8/13/12 at 2:23 pm
Posted on 8/13/12 at 2:23 pm to xenon16
quote:
xenon16
Why would you gift something to someone to avoid paying a tax you don't have to pay anyways?
Posted on 8/13/12 at 2:31 pm to Chad504boy
People creating problems where none exist.
Posted on 8/13/12 at 2:32 pm to The Mick
Don't forget to deal with the trailer...
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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