Total Sign Posted January 27, 2008 Report Share Posted January 27, 2008 Not looking for exact numbers, but if I recieve something that is insured for 50k (agreed value, with receipts and full doccumentation) how screwed will I be on it tax wise? The title will probably say gift, unless there is a reason for it not to. Quote Link to comment Share on other sites More sharing options...
Casper Posted January 27, 2008 Report Share Posted January 27, 2008 Not looking for exact numbers, but if I recieve something that is insured for 50k (agreed value, with receipts and full doccumentation) how screwed will I be on it tax wise? The title will probably say gift, unless there is a reason for it not to. What kind of gift is it? House? Car? Quote Link to comment Share on other sites More sharing options...
AJ Posted January 27, 2008 Report Share Posted January 27, 2008 well if its a car then the state will tax you on the value it is worth. they don't let you do the gift thing anymore unless its a family member that gave it to you then you can get away with it. Quote Link to comment Share on other sites More sharing options...
Total Sign Posted January 27, 2008 Author Report Share Posted January 27, 2008 well if its a car then the state will tax you on the value it is worth. they don't let you do the gift thing anymore unless its a family member that gave it to you then you can get away with it. So no taxes at the point of title switch, what about at the year end tax screwing? Quote Link to comment Share on other sites More sharing options...
AJ Posted January 27, 2008 Report Share Posted January 27, 2008 they tax you when you switch the title based on what it says how much you paid for it. watch yourself if you put a low ball amount on there because they do check and then send you a letter and the person that sold you the letter and if you tell them 2 different numbers then thats big trouble. Quote Link to comment Share on other sites More sharing options...
Total Sign Posted January 27, 2008 Author Report Share Posted January 27, 2008 they tax you when you switch the title based on what it says how much you paid for it. watch yourself if you put a low ball amount on there because they do check and then send you a letter and the person that sold you the letter and if you tell them 2 different numbers then thats big trouble. Family member and we both know gift. So you figured out my truck over heat problem, knew my tax question, do you have any good cookie recepies? LOL Quote Link to comment Share on other sites More sharing options...
AJ Posted January 27, 2008 Report Share Posted January 27, 2008 yes i do. use brown sugar instead of white sugar. i also can tell you tire pressures just bu driving a car with in 3 pounds of PSI. Quote Link to comment Share on other sites More sharing options...
Total Sign Posted January 27, 2008 Author Report Share Posted January 27, 2008 yes i do. use brown sugar instead of white sugar. i also can tell you tire pressures just bu driving a car with in 3 pounds of PSI. How many licks does it take to get to the center of a tootsie pop? Quote Link to comment Share on other sites More sharing options...
koolrayz Posted January 27, 2008 Report Share Posted January 27, 2008 There are tax implications on any gift over 10,000. (this is an old number it may be higher now) Example, Mother can give you 10,000 and father another 10,000 per year. Anything above 10,000 from one person causes tax liabilities. Here are some great cookie recepies http://www.northpole.com/Kitchen/Cookbook/cat0001.html Quote Link to comment Share on other sites More sharing options...
AJ Posted January 27, 2008 Report Share Posted January 27, 2008 How many licks does it take to get to the center of a tootsie pop? 3,438 Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted January 27, 2008 Report Share Posted January 27, 2008 12,000/ year from family member/gift. Anything over that and they want a chunk. Quote Link to comment Share on other sites More sharing options...
baron_ Posted January 27, 2008 Report Share Posted January 27, 2008 yes, it's 12,000 the Ohio statute says 10,000, but it's been adjusted for inflation (= $12,000) Quote Link to comment Share on other sites More sharing options...
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