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Taxes on "Gifts"


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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?

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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?

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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.
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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

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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

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